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October 2, 2020

Porsche holds first ever virtual AGM

Porsche SE has held a virtual annual general meeting for the first time.

By Olly Wehring

Porsche SE has held a virtual annual general meeting for the first time.

"With the health of all those attending in mind, we have decided this year to hold our annual general meeting virtually for the first time in the history of our company." chairman Hans Dieter Poetsch said in his speech.

Poetsch said group result after tax was EUR4.4bn, an increase of around 26% compared to the fiscal year 2018. The increase was primarily attributable to the increase in the result from the investment in Volkswagen AG.

The dividend proposal adjusted in July 2020 reflects a strong fiscal year 2019 but also the developments driven by the COVID-19 pandemic in the current fiscal year 2020. The AGM agreed a dividend of EUR2.210 euro per preference share and EUR2.204 per ordinary share for fiscal 2019.

Poetsch said results for the first six months of the current fiscal year have been heavily influenced by the COVID-19 pandemic. The group result after tax result was a loss of EUR329m in the first half of 2020, compared to a profit of EUR2.38bn the previous year.

The uncertainty surrounding the business development at Volkswagen Group has restricted the ability to forecast for the Porsche SE Group, the AGM heard.

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"It is not currently possible to make a reliable and realistic forecast for the fiscal year 2020.

"However, Porsche SE expects a positive group result after tax for the fiscal year 2020. The forecast on group net liquidity remains unchanged.

"Without taking additional investments into account, it lies in a [range] of EUR0.4bn to EUR0.9bn as of 31 December 2020."

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