The VW parent company Porsche Automobil Holding SE (PSE) also earned more in the first half thanks to rising profits at Volkswagen. After taxes, the result was 3.24 billion euros, as the Dax group announced on Monday in Stuttgart. That is around 31 percent more than in the same period last year. For the year as a whole, the company continues to anticipate post-tax earnings of between EUR 4.1 and 6.1 billion.
The decisive factor for the Stuttgart holding company, in which the VW-owning families Porsche and Piëch have bundled their shares in the Wolfsburg car giant, is the performance of Volkswagen. Porsche SE holds 53.3 percent of the voting rights and 31.9 percent of the capital in the group. Through these shares, the Stuttgart-based company posted earnings of 3.10 billion euros in the first six months, after 2.51 billion a year ago. VW had last week reported a 27 percent increase in profit attributable to shareholders to 10.30 billion euros for the first six months.
IPO of Porsche AG pending
The families want to regain direct influence on the sports car manufacturer through a planned IPO of Porsche AG, which has so far been fully under the Wolfsburg group umbrella. 25 percent plus one share of the original shares are to go to Porsche SE in the transaction. Up to 25 percent of the preference shares to be issued are also to be placed on the market.
Recently, however, analysts and experts have complained about problems in corporate management after Porsche AG boss Oliver Blume (54) is supposed to take over the role of CEO in the Wolfsburg-based VW group from September.
With the IPO, the value of the yield pearl in the VW Group should also come into its own on the capital market – strongly fluctuating markets like recently and concerns about transparency in corporate management are considered disruptive fire. The project has not yet been finally decided, so far a listing in the fourth quarter of 2022 is planned.