Tagged porsche se

Piech Caps 20-Year VW Turnaround With Porsche Takeover

When Ferdinand Piech took charge of Volkswagen AG (VOW) 20 years ago, the carmaker was losing almost 1 billion euros ($1.24 billion) with its sales tied to the fortunes of the European economy.

Yesterday, the 75-year-old VW chairman capped a spurt of dealmaking with a 4.46-billion euro agreement to buy the rest of Porsche SE’s automaking business, a transaction that will extend the German company’s lead as the world’s most profitable automaker. VW generated a record 11.3 billion euros in operating profit in 2011. Read more

Porsche SE and Volkswagen AG create Integrated Automotive Group

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

Prof. Dr. Winterkorn: “Volkswagen and Porsche are excellently positioned”

Annual general meeting of Porsche SE in Stuttgart / significantly larger dividend for holders of ordinary and preference shares proposed

Stuttgart, 25 June 2012. The CEO of Porsche Automobil Holding SE, Stuttgart, Prof. Dr. Martin Winterkorn, underscored at today’s annual general meeting the extraordinary positive cooperation of the company’s two investments and their good future prospects. “Volkswagen and Porsche are already working together extremely well. Both companies are excellently positioned for a successful future together,” said Winterkorn in front of the shareholders in Stuttgart. According to the CEO, the planned creation of an integrated automotive group offers Volkswagen and Porsche substantial advantages. This would allow an even tighter integration of the operating business. On this basis, Volkswagen and Porsche would be able to considerably strengthen their competitive position once more. “We want to complete the integrated automotive group at economically viable conditions and as quickly as possible”, Winterkorn said. Read more

Porsche SE reports substantial profit in Q1 2012

Good development of the Porsche and Volkswagen investments

Stuttgart, 7 May 2012. In the first quarter of the current fiscal year 2012, Porsche Automobil Holding SE (Porsche SE), Stuttgart, reported a profit after tax of 327 million euro at group level. The profit was primarily attributable to the good development of Porsche SE’s two investments in the Volkswagen group and the Porsche Zwischenholding GmbH group. The profit from investments accounted for at equity amounted to 1.169 billion euro for the period from 1 January to 31 March 2012. This was counterbalanced in particular by a non-cash special effect recognized as an expense from the adjustment of the valuation of the put and call options for the shares in Porsche Zwischenholding GmbH remaining with Porsche SE totaling minus 810 million euro. Read more

Porsche SE benefits from positive development at Porsche and Volkswagen

Profit, however, impacted by the valuation adjustment without effect on cash of the put and call options / significantly higher dividend proposed

Stuttgart, 15 March 2012. In the fiscal year 2011, Porsche Automobil Holding SE, Stuttgart (Porsche SE), benefited from the positive development of both its investments. Profit from the investments accounted for at equity, comprising the profit from Volkswagen AG and Porsche Zwischenholding GmbH attributable to Porsche SE, reached 4.66 billion euro. Of this figure, 395 million euro was attributable to the Porsche Zwischenholding GmbH group and 4.27 billion euro to the Volkswagen group. However, the result was impacted by a special effect from the adjustment through profit or loss, but without effect on cash, of the valuation of the put and call options for the shares in Porsche Zwischenholding GmbH held by Porsche SE. This special effect amounted to minus 4.37 billion euro in 2011. Overall, Porsche SE achieved a profit after tax of 59 million euro at group level. The group profit before taxes was 28 million euro; tax income of 31 million euro had a positive impact. Read more