Prof. Winterkorn presents the Porsche SE financial statement.
Stuttgart. This Wednesday in Stuttgart, Porsche Automobil Holding SE presented its company figures for the business year 2008/09, which covered Porsche operations from August 1, 2008 to July 31, 2009 and Volkswagen business for the six-month period from January to June 2009. This is because Porsche SE increased its voting share in Volkswagen AG above 50 percent on January 5, 2009, leading to a full consolidation.
In his first official act as the new chief executive officer of Porsche SE, Prof. Dr. Martin Winterkorn emphasized that both Porsche AG and Volkswagen AG continue to be profitable businesses, despite the difficulties on global markets. The company’s operating results for the reporting year stood at
1.9 billion euros. Within this, Porsche AG recorded a profit margin of 10.3 percent, and Volkswagen of 2.4 percent.
New Lightweight Battery Option for the Porsche 911 GT3, 911 GT3 RS, and Boxster Spyder
Stuttgart. Dr. Ing. h.c. F. Porsche AG, Stuttgart, is the first car maker in the world to offer a starter battery in lithium-ion technology. Weighing less than 6 kg or 13 lb, the new battery is more than 10 kg or 22 lb lighter than a conventional 60 Ah lead battery.
The new lithium-ion battery will be available as of January 2010 for the 911 GT3, 911 GT 3 RS, and Boxster Spyder as an option delivered with the car, selling at a price in the German market of Euro 1,904 including 19 per cent value-added tax.
The battery is delivered as a separate unit together with the car and may subsequently be fitted as an alternative to the regular, conventional starter battery.
Intensive negotiations with Volkswagen concluded successfully
Stuttgart. The Supervisory Board of Porsche Automobil Holding SE has given its approval for the contracts in today’s meeting, for the regulation of implementing the foundation agreement for the merger of the company with Volkswagen AG. The Executive Board of the Wolfsburg automobile company had already approved of the contracts in its meeting.
In the contracts of implementation, the organizational, structural and legal details of the consolidation of both companies are provided with binding regulations. The closing of these represents further important steps on the way towards the integrated automobile group, which should be realized during the course of the year 2011. The next milestone will be the planned 49.9 percent participation of Volkswagen in the Porsche AG by the end of 2009.
Stuttgart. Following the Porsche 911 GT3 Cup, Dr. Ing. h.c. F. Porsche AG, Stuttgart, is entering yet another racing car in the 2010 motorsport season: The 911 GT3 R will be raced in series based on the international FIA GT3 regulations, thus succeeding the 911 GT3 Cup S. The main focus in developing this new model was on even better drivability and even easier handling.
Executive Board and Supervisory Board decide on a proposed dividend
Stuttgart. At its meeting today, the Supervisory Board of Porsche Automobil Holding SE ratified the financial statements reporting a loss before tax of 4.4 billion Euro for the fiscal year 2008/09 (ending 31 July 2009). Last year the group reported a profit before tax of 8.6 billion Euro. The primary factor in the loss reported by Porsche SE was the write-down recognized for the cash settlement options to Volkswagen shares. This impairment loss was recorded at the end of the reporting period and paved the way for the sale of the substantial part of the options to the Emirate of Qatar.