Porsche SE
Due to the uncertainty caused by the war in Ukraine, Volkswagen’s main owner Porsche SE continues to believe that both a decline and a significant increase in profits are possible this year. The holding company, through which the Porsche and Piëch families hold the majority of voting rights in the Wolfsburg car group, confirmed its forecast of net profit before taxes of between 4.1 and 6.1 billion euros on Monday. In 2021, Porsche SE had almost doubled its profit to 4.6 (previous year 2.6) billion euros.
In the first six months, net profit, which is mainly due to the stake in Volkswagen, rose by 31 percent to 3.2 billion euros. Of this, 3.1 billion euros flowed from Volkswagen to the holding company. The net liquidity of Porsche SE fell to 504 (previous year 641) million euros in the middle of the year, mainly due to the increased stake in Volkswagen. The holding acquired preferred shares for around 400 million euros in May. As a result, the share in the subscribed capital of Europe’s largest car group increased to 31.9 (31.4) percent.
For the year as a whole, Porsche SE expects net liquidity of between 200 million and 700 million euros. This does not include any effects from a possible IPO of the sports car manufacturer Porsche AG, which belongs to Volkswagen, and any acquisition of ordinary shares.
In the course of the planned IPO, Porsche Holding intends to acquire 25 percent plus one share of the ordinary shares in Porsche AG. This would give her a blocking minority. Up to 25 percent of the non-voting preference shares and thus 12.5 percent of the total capital are to be placed on the capital market. About half of the proceeds from the IPO are to flow to the shareholders as a special dividend.
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Porsche SE did not comment on the schedule for the IPO, which is planned for the final quarter.
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