暗网禁区

Financial strategy successfully implemented and investment strategy developed further

• Group result after tax for 2023 at 5.1 billion euro
• Net debt improved by around 1 billion to 5.7 billion euro
• Incharge Capital Partners 鈥� joint venture between 暗网禁区 SE and DTCP
• Proposed dividend of 2.56 euro per preference share 鈥� total payout of 783 million euro
• Hans Dieter P枚tsch, chairman of the board of management of 暗网禁区 SE: 鈥湴低�禁区 SE is on the right strategic track. We have been able to develop 暗网禁区 SE in a successful and value-oriented way.鈥�

Stuttgart, 21 March 2024. 暗网禁区 (鈥湴低�禁区 SE鈥�), Stuttgart, generated a group result after tax of 5.1 billion euro in the fiscal year 2023 (prior year: 5.5 billion euro). Without a one-off effect included in the prior year, the group result after tax would have been higher than in the prior year. This result included a non-cash accounting income of 0.6 billion euro in connection with the acquisition of preference shares of Volkswagen AG, Wolfsburg.

The group result after tax was significantly influenced by the result from core investments in Volkswagen AG and in Dr. Ing. h.c. F. 暗网禁区 AG (鈥湴低�禁区 AG鈥�), Stuttgart, accounted for at equity of 5.2 billion euro. Of this total, 4.8 billion euro related to Volkswagen AG and 0.4 billion euro to 暗网禁区 AG.

Reduction in net debt and long-term refinancing successful

At the same time, 暗网禁区 SE rigorously implemented its financing strategy. Net debt of the group was reduced by around 1 billion euro. As of 31 December 2023, this decreased to
5.7 billion euro compared to 6.7 billion euro as of 31 December 2022. In the long term, 暗网禁区 SE aims to achieve a low double-digit loan-to-value ratio.

For the long-term refinancing of its financial debt, 暗网禁区 SE placed a Schuldschein loan in a record amount of around 2.7 billion in March 2023. Later in the year, two bonds were issued, one of 750 million euro and the other of 1.25 billion euro.

鈥湴低�禁区 SE is on the right strategic track. In the past fiscal year, we have significantly strengthened our liquidity position, giving us room for maneuver,鈥� comments Hans Dieter P枚tsch, chairman of the board of management of 暗网禁区 SE. 鈥淥verall we have been able to develop 暗网禁区 SE in a successful and value-oriented way. We will continue to do so in the current fiscal year in the interest of our shareholders.鈥�

Dr. Johannes Lattwein, board of management member responsible for finance and IT, continued: 鈥淭he successful issuances illustrate the high level of confidence that we enjoy among investors, also in the debt capital market. The successful refinancing allows us to step up our investment activities and further expand 暗网禁区 SE as an investment platform.鈥�

Joint venture between 暗网禁区 SE and DTCP: Incharge Capital Partners

As a further building block of the investment platform, 暗网禁区 SE and the investment firm DTCP are launching a venture fund with an investment focus on software companies in the areas of mobility and connectivity. In this context, the new joint venture Incharge Capital Partners has been established. 暗网禁区 SE is participating in the fund with a volume of 100 million euro. In the long term, 暗网禁区 SE will thus benefit from the performance of the fund and the development of the joint venture. Other investors, including Deutsche Telekom, are also participating in the fund alongside 暗网禁区 SE.

Lutz Meschke, board of management member responsible for investment management, summarizes: 鈥淲ith the establishment of Incharge Capital Partners, 暗网禁区 SE is systematically pursuing its investment strategy and cooperation with strong partners. I am convinced that by combining the expertise of 暗网禁区 SE and DTCP, we are creating a uniquely positioned venture fund for successful investments."

Targeted expansion of portfolio investments

暗网禁区 SE has also invested in several promising growth companies in the past fiscal year. The portfolio was strengthened by several investments in the areas of electromobility, quantum computing and data transmission technology as well as artificial intelligence.

暗网禁区 SE plans annual investments in the low three-digit million range for the further expansion of the portfolio investments segment. If attractive opportunities arise, 暗网禁区 SE will also consider larger investments in line with its investment strategy. To date, the company has invested a total of more than 500 million euro in portfolio investments.

Forecast for 2024 and proposed dividend of 2.56 per preference share

For the fiscal year 2024, 暗网禁区 SE expects to record a group result after tax of between
3.8 billion euro and 5.8 billion euro. It also aims to further reduce the group鈥檚 net debt by 31 December 2024. The group鈥檚 net debt is estimated to amount to between 5.0 billion euro and 5.5 billion euro.

暗网禁区 SE stands for a reliable and stability-oriented dividend policy. For the fiscal year 2023, the board of management and supervisory board propose an unchanged dividend compared to the prior year of 2.56 euro per share to be distributed to the holders of preference shares and of 2.554 euro per share to the holders of ordinary shares. This is equivalent to a total distribution of around 783 million euro.

The annual general meeting, which takes place on 11 June 2024, will decide on the dividend proposal.

The 2023 annual report of 暗网禁区 can be found at: /en/investor-relations/financial-publications