His Excellency Sheikh Jassim Bin Abdulaziz Bin Jassim Al-Thani elected
Stuttgart. On Friday, the annual general meeting of Porsche Automobil Holding SE, Stuttgart elected His Excellency Sheikh Jassim Bin Abdulaziz Bin Jassim Al-Thani (31) as a representative of Qatar Holding LLC, Doha, onto the supervisory board of the company. He replaces the former member of the supervisory board, Mr. Hans-Peter Porsche (69), who retired from office effective the end of the annual general meeting. Sheikh Jassim Bin Abdulaziz Bin Jassim Al-Thani has been appointed for the remaining four-year period of Hans-Peter Porsche’s appointment. Qatar Holding LLC through its fully owned subsidiary Qatar Holding Germany GmbH, Frankfurt, holds ten percent of the ordinary shares of Porsche SE.
Automobile manufacturer presents interim report
Stuttgart. Porsche Automobil Holding SE, Stuttgart, today published its interim report, which reports particularly on the first three months of the 2009/10 fiscal year (1 August 2009 to 31 October 2009). The report, which covers the business of both Porsche and Volkswagen in the reporting period, is not comparable with the corresponding report of the prior year. The reason is the increase in Porsche SE’s share of voting rights in Volkswagen AG, effected on 5 January 2009, to over 50 percent and the ensuing full consolidation of Volkswagen. As a result, consolidated revenue for the three-month reporting period amounts to 26.8 billion euro, of which 1.1 billion euro is attributable to Porsche. This is a 30.5 percent fall in the revenue recorded by the Stuttgart-based automobile manufacturer compared to the prior-year period.
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.
by Stefan Theil
Porsche headquarters were raided by German investigators Thursday due to suspicions of insider trading by former CEO Wendelin Wiedeking, who was ousted last month following an epic takeover battle in which the luxury carmaker almost swallowed Volkswagen─Europe’s largest carmaker, which is more than 10 times Porsche’s size─before VW turned the tables. It is now set to gobble up Porsche instead.
In trying to buy up Volkswagen, Wiedeking had accumulated 43 percent of VW’s shares but secretly held options on another 32 percent. Porsche did not disclose the options until October 2008, roiling the markets. The company said yesterday that the trades were perfectly legal under German law.
By KATHARINA BECKER and WILLIAM LAUNDER
FRANKFURT — Volkswagen AG said Friday it would raise €4 billion ($5.7 billion) in capital to acquire a stake in the operating business of Porsche, as it fleshed out details of the highly indebted luxury sports-car maker’s merger with VW.
Volkswagen plans to acquire a 42% stake in Porsche AG, the sports-car arm and a 100% subsidiary of holding company Porsche Automobil Holding SE, for €3.3 billion by the end of 2009. A new name for the company created through the merger of Porsche and Volkswagen is yet to be decided, Volkswagen said.
Porsche said on Friday that Qatar Holding LLC will acquire 10% of the ordinary shares of the Porsche holding company from the family owners and the majority of Porsche’s cash-settled options on Volkswagen shares, freeing up more than €1 billion for Porsche that is currently serving as collateral for the options structure.