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Porsche SE has scheduled an extraordinary general meeting for mid-December as it presses on with preparations for a merger with Volkswagen, brushing aside any remaining hurdles.
“We are preparing everything necessary for the planned combination,” Porsche’s Chief Financial Officer Hans Dieter Poetsch said at the company’s annual shareholders’ meeting on Friday. Continue reading ‘Porsche SE schedules EGM to take vote on merger with VW’
Volkswagen AG’s planned merger with Porsche SE will probably be delayed into next year because of legal and financial obstacles. In manufacturing, the integration is already in full swing. Continue reading ‘VW merger with Porsche delayed by share probe’
Structural changes affect profit of Porsche SE
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. (continue reading…)
Porsche Automobil Holding SE, Stuttgart, reports a strong upward trend in the vehicle operations of its holding, Dr. Ing. h.c. F. Porsche AG, in the first half of the fiscal year of 2009/10 (31 July). After the unit sales of Porsche AG had fallen in the first four months by 25 percent on the same period of the prior year, the decline should be cut back to just minus 3.1 percent for the full six months, based on preliminary figures. Sales are expected to account for approx. 33,200 units, revenues will show a decrease of 3.3 percent to Euro 2.9 billion. CEO, Prof. Dr. Martin Winterkorn, reported this to the annual general meeting of Porsche SE, held on Friday in the Porsche-Arena in Stuttgart. (continue reading…)
His Excellency Sheikh Jassim Bin Abdulaziz Bin Jassim Al-Thani elected
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. (continue reading…)
Prof. Winterkorn presents the Porsche SE financial statement
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. Continue reading ‘Porsche and Volkswagen continue to be profitable’
Executive Board and Supervisory Board decide on a proposed dividend
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.
Continue reading ‘Earnings of the Porsche Group affected by special influences’
Volkswagen Aktiengesellschaft will take a 49.9 percent stake in Porsche AG in a first step towards an integrated automotive group with Porsche. This was agreed between Volkswagen and Porsche SE during negotiations on the contracts of implementation relating to the merger of the two companies. The Comprehensive Agreement announced in August referred to an initial participation in Porsche AG amounting to 42 percent. The timetable for the creation of the integrated automotive group remains unchanged: Volkswagen will acquire a participation in the operating business of Porsche by the end of 2009. The merger of Volkswagen AG and Porsche SE is still scheduled to take place during the course of 2011.
Continue reading ‘Volkswagen will take a 49.9 percent stake in Porsche AG in first step’
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