German Manager Magazin: Porsche: VW subsidiary increases sales and profits in the first half of the year001948

The stock market candidate Porsche has turned over and earned more in the first half of the year despite declining sales. As the Volkswagensubsidiary announced on Thursday in Stuttgart that sales rose by 8.5 percent to 17.9 billion euros compared to the same period last year.

Operating profit improved by almost a quarter to 3.48 billion euros. The return on sales, which compares sales and profits, rose to 19.4 percent – 2.5 points more than before. For the year as a whole, the Stuttgart-based company is aiming for sales of around 38 to 39 billion euros and a return of between 17 and 18 percent, and more than 20 percent in the long term.

The carmaker had previously reported that around 5 percent fewer cars were delivered to customers from January to the end of June. In addition to the restrictions caused by the renewed outbreak of the corona pandemic in China and other markets, bottlenecks in components and problems in the logistics area had a negative impact.

A 12.5 percent stake in the Volkswagen subsidiary is to be floated on the stock exchange in the fourth quarter. For Porsche boss Oliver Blume, however, this will not only be a challenge because of the currently weak market environment, but also because in September successor by VW CEO Herbert Diess and at the same time continue to lead Porsche.

Because of possible conflicts of interest between the two posts concerns have recently arisen, if he initial public offering takes place and brings the promised benefits. Even before the bang from Wolfsburg, insiders were expecting a worse valuation of Porsche shares than a few months ago. According to VW CFO Arno Antlitz, the plan is being pushed “with even more emphasis than before”.

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