Porsche SE chairman Hans Dieter Poetsch told an audience of about 3,500 shareholders at the annual general meeting the company had increased its group profit 6% year on year to EUR3.5bn thanks to a EUR3.6bn (EUR3.4bn in 2017) contribution from Volkswagen AG.
Poetsch said of the Volkswagen Group: "We remain convinced [it] has vast potential for increasing value added. We expect a positive development in both the medium and the long-term."
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It had been decided, therefore, in consultation with the supervisory board, to further expand the investment. Between early December 2018 and mid-March 2019, Porsche SE invested around EUR400m, increasing its share of voting rights by 0.9% to 53.1%.
Dividends of EUR2.21-EUR2.204 per share were approved.
Porsche SE continues to expect 2019 group profit of between EUR3.4bn and EUR4.4bn.
There was still "remaining uncertainty with respect to possible special effects in connection with the diesel issue" and a target of positive net liquidity in the region of EUR0.3bn to EUR0.8bn by 31 December 2019, "not taking future investments into account".
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By GlobalDataThe meeting also elected Siegfried Wolf to the supervisory board of Porsche SE though he's actually already on it.
The Stuttgart local court appointed him in spring 2019 until the AGM.
"The members of the executive board and those of the supervisory board holding office in the fiscal year 2018 were exonerated," a statement said, without elaborating.
