Boards pass concept for accelerated creation of the Integrated Automotive Group between Porsche and Volkswagen / One-time positive effect on earnings / Porsche SE as financially strong holding company continues to be significantly involved in growth of Volkswagen AG
Stuttgart, 4 July 2012. Porsche Automobil Holding SE (Porsche SE), Stuttgart, and Volkswagen Aktiengesellschaft (Volkswagen AG), Wolfsburg, are expected to achieve their shared goal of creating the Integrated Automotive Group on 1 August 2012. The competent bodies and the executive boards responsible at both companies have approved a concept for the complete integration of Porsche AG into the Volkswagen Group. According to the concept, Porsche SE will contribute its holding business operations, including its 50.1 percent investment in Porsche’s operating business, to Volkswagen AG. The consummation of the transaction will make Volkswagen AG sole owner of Porsche’s business operations. Read more
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.
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.
Contract signing seals the deal
Stuttgart. This Friday, in a festive ceremony, Porsche Automobil Holding SE, Stuttgart, and Qatar Holding LLC (QH) signed an agreement signaling the entry of the Emirate of Qatar into the Porsche SE family. In the afternoon, the Chairman of the Supervisory Board of Porsche SE, Dr. Wolfgang Porsche, welcomed the high-ranking delegation from Qatar led by Prime Minister of the Emirate, Sheik Hamad ibn Jassim ibn Jabir Al-Thani, to the historical Porsche Villa located on Killesberg Hill outside of Stuttgart. There, in the presence of the Minister President of Baden-Württemberg, Günther Oettinger, the two men signed two contractual agreements.
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.”