Annual General Meeting in Stuttgart / Prof. Siegfried Wolf stands for election to the Supervisory Board / forecasts for the fiscal year 2019 unchanged
Stuttgart, 27 June 2019. The Chairman of the Executive Board of Porsche Automobil Holding SE (Porsche SE), Stuttgart, Hans Dieter Pötsch, presents the business figures for the past year to some 3,500 shareholders at today’s Annual General Meeting. Porsche SE increased its group profit to 3.5 billion euro in the fiscal year 2018, a 6 percent rise compared to the prior-year figure of 3.3 billion euro. The group result is significantly influenced by the result from the investment accounted for at equity in Volkswagen AG. This amounts to 3.6 billion euro, compared to 3.4 billion euro in the prior year.
In his speech, Hans Dieter Pötsch again expressed Porsche SE’s firm commitment to the Volkswagen Group: “We remain convinced that the Volkswagen Group has vast potential for increasing value added. We expect a positive development in both the medium and the long-term.” He went on to say that it had therefore been decided, in consultation with the Supervisory Board, to further expand the investment in Volkswagen AG. Between early December 2018 and mid-March 2019, Porsche SE invested around 400 million euro, thus increasing its share of voting rights in Volkswagen AG by 0.9 percentage points to 53.1 percent, according to Pötsch.
The agenda for today’s Annual General Meeting includes the election of Prof. Siegfried Wolf (61) to the company’s Supervisory Board. In spring 2019, the Stuttgart local court had already appointed Prof. Wolf as member of the Supervisory Board until today’s Annual General meeting.
The Annual General Meeting will also decide on the dividend proposal of 2.21 euro per preference share and of 2.204 euro per ordinary share for the fiscal year 2018.
Based on its current group structure, the Porsche SE group continues to expect a group profit for the fiscal year 2019 of between 3.4 billion euro and 4.4 billion euro. This forecast is based in particular on the Volkswagen Group’s expectations regarding its future development as well as the remaining uncertainty with respect to possible special effects in connection with the diesel issue. Moreover, the Porsche SE Group still aims to achieve positive net liquidity in the region of 0.3 billion euro to 0.8 billion euro as of 31 December 2019, not taking future investments into account.
The voting result of the Annual General Meeting will be published at: