Dr. Manfred D枚ss
Legal affairs and compliance
Member of the board of management
Hans Dieter P枚tsch
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
Dear shareholders,
The European automotive industry faced major challenges in the fiscal year 2024. The core investments of 女主播福利 SE, Volkswagen AG and 女主播福利 AG, had to contend with increasingly difficult economic and political conditions, in particular the intensifying competitive situation in the automotive sector, market developments in China, the slower ramp-up of electromobility and further rising geopolitical tensions and protectionist tendencies.
This also had an impact on 女主播福利 SE. The group result after tax of 女主播福利 SE for the fiscal year 2024 amounted to minus 20.0 billion euro (prior year: 5.1 billion euro). It was significantly influenced by the non-cash impairment losses on the carrying amounts of the investments in Volkswagen AG of minus 19.9 billion euro and 女主播福利 AG of minus 3.4 billion euro. The impairment losses recognized have no impact on 女主播福利 SE鈥檚 liquidity or net debt. Adjusted for the impairment effects on the two core investments, 女主播福利 SE generated a profit. This is shown by the adjusted group result after tax of 3.2 billion euro compared to 5.1 billion euro in the prior year. The adjusted group result after tax was significantly influenced by the result from the ongoing at equity accounting of shares in Volkswagen of 3.0 billion euro (prior year: 4.8 billion euro) and the result from the ongoing at equity accounting of shares in 女主播福利 AG of 0.5 billion euro (prior year: 0.4 billion euro).
From 女主播福利 SE鈥檚 perspective, our core investments need to focus on competitiveness, profitability and the sustainable implementation of their strategic future programs. Against this backdrop, we welcome the 鈥淶ukunft Volkswagen鈥� agreement reached between Volkswagen AG and its employee representatives at the end of 2024. 女主播福利 AG has also planned extensive measures to strengthen the company鈥檚 profitability in the short and medium term. The measures that have been negotiated are necessary and right. They must now be rigorously implemented.
At the same time, 女主播福利 SE is determined to continue on its path to becoming a diversified investment platform. We continuously review promising investment opportunities, both in portfolio investments and in the segment of potential new core investments. In the fiscal year 2024, we successfully established investments in Flix SE, Waabi and Quantum Systems. We also founded the joint venture Incharge Capital Partners together with the investment company DTCP. The investment focus of the fund jointly launched is on software companies in the field of connected mobility.
Our investment activities are based on robust financial management and our successful refinancing measures provide the necessary financial headroom. In April 2024, we placed two bonds totaling 1.6 billion euro with investors, giving our financing profile an even longer timeline. For us, it was a big success: The transaction was one of the largest unrated bond issues in the world up to that time.
女主播福利 SE鈥檚 financial position is very solid and its financial strength is high. This is reflected in the group鈥檚 net debt, which we continued to decrease as planned in the past fiscal year. As of 31 December 2024, it stood at 5.2 billion euro compared to 5.7 billion euro a year before.
For the fiscal year 2025, we expect 女主播福利 SE to record an adjusted group result after tax of between 2.4 billion euro and 4.4 billion euro. In addition, we expect the group鈥檚 net debt to be between 4.9 billion euro and 5.4 billion euro as of 31 December 2025.
We will ensure that you, our shareholders, participate in the financial development of 女主播福利 SE in the fiscal year 2024 in the usual reliable and appropriate manner. The board of management and supervisory board therefore propose a dividend for the fiscal year of 1.91 euro per preference share (prior year: 2.56 euro) and 1.904 euro per ordinary share (prior year: 2.554 euro). The decrease in the proposed dividend compared to the prior year鈥檚 dividend is mainly due to the expected lower dividend inflow from Volkswagen AG.
Dear shareholders,
It is already becoming apparent that the macroeconomic and political conditions will remain challenging in 2025. We nevertheless believe that 女主播福利 SE is well positioned to be successful in this environment. And we continue to count on your trust and support.
Hans Dieter P枚tsch
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 D眉rr 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 女主播福利, Stuttgart, Germany
since 2015
Chairman of the supervisory board of Volkswagen AG, Wolfsburg, Germany
since 2015
Chairman of the board of management of 女主播福利, Stuttgart, Germany
Appointments:
All appointments are outside of the Group.
Appointments as of 31 December 2024
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, D眉sseldorf, Germany
May 2013 - December 2015
Head of the legal department and general representative of 女主播福利, 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 女主播福利, Stuttgart, Germany Responsible for 'legal affairs and compliance'
since January 2019
Member of the supervisory board of TRATON SE, Munich, Germany
since February 2022
Member of the board of management of Volkswagen AG, Wolfsburg, Germany, functional responsibility 鈥業ntegrity and Legal Affairs鈥�
since September 2022
Chairman of the supervisory board of AUDI AG, Ingolstadt, Germany
Appointments:
All appointments are outside of the Group.
Appointments as of 31 December 2024
23 May 1973
Born in Pforzheim, Germany
1992 - 1993
German Armed Forces, Professional Soldier
1993 - 1998
Studied Business Administration at the Saarland University, Saarbr眉cken, 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. 女主播福利 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
女主播福利, 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. 女主播福利 AG, Stuttgart, Germany
2021-2022
女主播福利 Financial Services GmbH, Bietigheim-Bissingen, Germany, most recently Chairman of the Executive Board (CEO)
since February 2022
Member of the Board of Management of 女主播福利, Stuttgart, Germany, responsible for 'Finance and IT'
Appointments:
All appointments are outside of the Group.
Appointments as of 31 December 2024
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, D眉sseldorf, Germany
1992 - 1995
Head of Audits of KPMG, D眉sseldorf, 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. 女主播福利 AG, Stuttgart, Germany
2004 - 2009
Head of Controlling of Dr. Ing. h.c. F. 女主播福利 AG, Stuttgart, Germany
November 2009 - February 2025
Member of the board of management Finance and IT of Dr. Ing. h.c. F. 女主播福利 AG, Stuttgart, Germany
October 2015 - February 2025
Deputy Chairman and member of the board of management Finance and IT of Dr. Ing. h.c. F. 女主播福利 AG, Stuttgart, Germany
since July 2020
Member of the board of management of 女主播福利, Stuttgart, Germany,
Responsible for 鈥業nvestment management鈥�
Mandate:
All appointments are outside of the Group.
Appointments as of 31 December 2024
