Structural changes affect profit of Porsche SE
Stuttgart. Porsche Automobil Holding SE, Stuttgart, can report a favorable operational trend of its holdings in the first half of the 2009/10 fiscal year ending 31 July 2010. The Porsche Zwischenholding GmbH group including mainly the Porsche AG recorded in the reporting period a double-digit return on sales with an operating profit of 329 million euro. Revenue increased by 3.7 percent in relation to the comparative period of the prior year to 3.16 billion euro. Unit sales fell 1.7 percent to 33,670 vehicles. The Volkswagen group has been included in the half-yearly financial report of the Porsche SE with the result for the period from 1 July 2009 to 31 December 2009. On this basis, the Volkswagen group sold 3,302,144 vehicles in the first half of the 2009/10 fiscal year. With revenue of 54.0 billion euro, the operating profit comes to 615 million euro.
By Chris Reiter
(Bloomberg) — Porsche SE, strained by 9 billion euros ($12.5 billion) in net debt, may sell its options on Volkswagen AG shares to an investor as the sports-car maker seeks to combine with VW, a person familiar with the plan said.
Porsche is examining a sale of the call options that can be converted into about 20 percent of VW as part of its discussions with investors, said the person, who asked not to be identified because the negotiations are private. The move may help Stuttgart, Germany-based Porsche raise money before a planned integration with Europe’s largest carmaker, the person said.
Porsche may be unable to exercise the options, which have helped the carmaker’s profits exceed sales, as it struggles to raise fresh financing, analysts including UniCredit SpA’s Georg Stuerzer have said. Germany’s government said today it needs more time to consider Porsche’s request for a 1.75 billion-euro loan from KfW Group, the country’s state-owned development bank.
“It’s not clear that Porsche would achieve much de- leveraging in a sale,” said Philippe Houchois, an analyst at UBS AG in London. “The options might be worth nothing.”
By James Wilson
(Frankfurt) Porsche yesterday said it would ask for a €1.75bn ($2.48bn) loan from the German government’s economic stimulus programme to secure the final amount of refinancing it needs.
The application to KfW, the German state-owned development bank, is the second to be made by Porsche as the sports car maker seeks to secure €12.5bn of credit lines after its expensive attempt to take over Volkswagen. Porsche abandoned the VW takeover attempt, agreeing instead to explore options to merge or integrate the two companies.
A loan to Porsche would come from a €40bn fund that KfW is using to provide corporate financing as part of Berlin’s stimulus programme. It is designed to provide access for financially sound companies to credit if other banks withdraw funding.