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,

Our company, Porsche SE, is looking back on a successful fiscal year 2022. The highlight of the year was without a doubt the acquisition of 25% plus one share of the ordinary shares of Porsche AG. With this investment, we added to our portfolio a company with strong growth and high dividends that is uniquely positioned in the sport and luxury segments of the automotive industry. Porsche SE has thus obtained a second core investment alongside the voting majority in its core investment Volkswagen AG and a portfolio of innovative technology companies, creating sustainable value for our shareholders.

The earnings figures of Porsche SE for the fiscal year 2022 are also very encouraging. We raised our group result after tax to 4.8 billion euro (prior year: 4.6 billion euro). This group result after tax was significantly influenced by the result of our core investment in Volkswagen AG accounted for at equity of 4.5 billion euro. Overall, the Volkswagen Group developed positively, despite the lingering consequences of the Covid-19 pandemic, the war against Ukraine, supply chain problems and inflation. Porsche AG also closed the fiscal year 2022 very successfully. Following the acquisition of ordinary shares in Porsche AG, the result of the Porsche SE Group will be more strongly influenced in the future by the earnings situation of the Porsche AG Group.

Net liquidity of the Porsche SE Group amounted to minus 6.7 billion euro as of 31 December 2022, compared to 641 million euro at the end of 2021. This primarily reflects the roughly 7.1 billion euro in debt capital we borrowed to purchase the ordinary shares in Porsche AG. I firmly believe: The acquisition of this second core investment is a very important step for our company towards creating sustainable value.

With our portfolio investments, we are systematically implementing our strategy and have joined forces with strong partners to drive forward the development of our investments. Our holding in PTV is a good example of this. Together with our partner Bridgepoint, we have strengthened the product portfolio of the company by purchasing further assets. Moreover, the strategic realignment of the mobility and logistics divisions has created the basis for future growth.

We plan to expand our portfolio activity in the current fiscal year by identifying further promising companies. At the beginning of 2023, we were already able to bolster our portfolio with new investments. These include, for example, our stake in ABB E-mobility, one of the world’s leading providers of charging solutions for electric vehicles.

On the legal side of things, we were able to achieve two more major successes. In the model case in connection with Porsche SE’s increase of the investment in Volkswagen AG, the Higher Regional Court of Celle dismissed all of the establishment objectives brought by the plaintiffs against our company at the end of September. This decision marks an important stage win for Porsche SE, even though the plaintiffs have filed an appeal against the decision with the Federal Court of Justice.

In the proceedings relating to the diesel issue, Porsche SE likewise prevailed in an appeal proceeding: In April 2022, the Higher Regional Court of Stuttgart dismissed actions against Porsche SE of 158 million euro on the grounds that the plaintiffs had not suffered any damage. This decision is legally binding.

For the fiscal year 2023, we expect Porsche SE to record a group result after tax of between 4.5 billion euro and 6.5 billion euro. We also aim to achieve group net liquidity as of 31 December 2023 that is expected to be between minus 6.1 billion euro and minus 5.6 billion euro, not taking future investments and divestitures into account.

Despite the debt situation, Porsche SE continues to pursue a stable dividend policy. A large portion of our dividends will continue to be used to allow our shareholders to participate appropriately in Porsche SE’s success. At the same time, we will systematically repay our loans.

As in prior years, the board of management would like you, our shareholders, to share in our company’s success. For the fiscal year 2022, we propose an unchanged dividend compared to the prior year 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 is equivalent to a total distribution of around 783 million euro.

Thanks to our two core investments and the promising portfolio investments, Porsche SE is in an excellent position. The board of management is convinced that our investment strategy will allow us to achieve a substantial increase in value for our shareholders. We are working on ensuring that this is reflected in the development of our share price. And we 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

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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 - 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

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‘