The record year and the IPO are also paying off personally for the Porsche managers. CEO Oliver Blume will receive a total of up to EUR 2.37 million in three tranches, while the other members of the Board of Management will receive up to EUR 1.36 million. This emerges from the company's annual report, which sports car manufacturer published together with its annual figures on Monday. Overall, the Porsche executive suite could collect a good 10 million euros in bonuses for the IPO.
Gustav Theile
Business correspondent in Stuttgart.
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The group, which has been regarded as Europe's most valuable car manufacturer since its IPO in September last year, had also paid out high bonuses to many other employees in the course of the IPO. Most employees received a payment of 3000,<> euros with the November salary, executives reportedly received further bonuses in five and six figures.
Blume receives almost no remuneration
The board members can look forward to a multiple of this. They will receive virtual shares in three tranches, which will be paid out until the third anniversary of the IPO. The payout amount is based on the share price in the period prior to a reporting date, and upper and lower limits have also been defined. At least the board members come to about 630,000 euros, Porsche boss Blume to 1.1 million euros.
On Monday, the Group also announced the remuneration of the top management for the first time due to the stock exchange listing. CFO and Vice Chairman Lutz Meschke received a good 3.6 million euros, including bonuses and pension expenses. Most of the other board members came to just under 3 million euros, Procurement Director Barbara Frenkel, who has only been in office since 2021, received just under 2 million euros.
Plea for e-fuels
CEO Oliver Blume, on the other hand, was almost completely empty-handed. He received only a supply expense of a good 6000 euros. Otherwise, due to a transitional solution last year, he was paid exclusively by the parent company Volkswagen, where he sat on the Board of Management until the middle of the year and then took over as Chairman of the Board of Management. In the future, he will be paid half by Porsche and half by the VW parent company, Blume said in a press conference. This Tuesday, he presents the annual figures of the VW Group.
Last year, the sports car and SUV manufacturer generated record figures. Group sales increased by 13.6 percent to EUR 37.6 billion. The Group increased its operating profit by more than a quarter to EUR 6.8 billion. The bottom line was a profit of just under 5 billion euros, almost one billion more than in the previous year. The operating return on sales rose from 16 to 18 percent.
CFO Meschke reaffirmed the goal of generating a return of more than 20 percent in the long term. For the current year, he announced a range of 17 to 19 percent and sales of 40 to 42 billion euros.
Porsche and VW boss Blume used the stage for a plea for the controversial e-fuels, the future of which is currently being disputed by the German government and thus blocking an agreement at EU level. One must "sweep out every corner" for climate protection. They are very important for the existing vehicles and can use the existing infrastructure. In the long term, however, electric cars would prevail, said the manager. "In the future, electric motors will be vastly superior to combustion engines."