Porsche SE booked group profit of EUR951m (EUR986m Q1 2017) in the first three months of 2018.

The automaker said group profit was "significantly influenced" by the result from the investment in Volkswagen AG, which fell from EUR1.01bn to EUR967m.

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The ITS (Intelligent Transport Systems) segment, which consists of the PTV Group, saw an after tax loss of EUR6m taking into account negative effects from the purchase price allocation of -EUR2m. The ITS segment generated revenue of EUR18m in the period. This resulted primarily from licence sales and maintenance services rendered and fell short of the expectations for the first quarter of the fiscal year.

Today's annual general meeting was to decide on the proposed dividend of EUR1.76 per share.

Chairman Hans Dieter Poetsch said: "Porsche SE's dividend policy is geared towards sustainability. We will continue to abide by this principle."

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The resolution on the expansion of the supervisory board from six to 10 members by means of an amendment to the articles of association as well as the authorisation of the election of supervisory board members was also on the agenda.

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Porsche SE last month acquired a non-controlling interest in a US company in the field of laser-based object recognition, LIDAR (Light Detection and Ranging). LIDAR is a key technology for modern driver assistance systems and will be pivotal for autonomous driving.

Based on the current group structure, Porsche SE continues to expect group profit for the full year of between EUR3.4bn and EUR4.4bn.