The VW umbrella company Porsche SE (PSE) made less profit in the first three quarters of the year than in the same period last year. After the first nine months of the year, the group result after taxes was 3.8 billion euros, as the DAX company announced on Monday in Stuttgart. In the same period last year it was 4.8 billion euros.
The result is significantly influenced by the core investments in Volkswagen AG and the sports car manufacturer Porsche AG. The PSE stuck to its forecast that group profit after taxes this financial year should be between 4.5 billion euros and 6.5 billion euros, although it is expected to be in the lower half of this corridor.
Families secured a blocking minority at Porsche through SE
Net debt has improved and stood at 5.8 billion euros at the end of September this year. By the end of the year it should be between 6.1 billion and 5.6 billion euros.
The Porsche and Piëch families joined forces through Porsche SE initial public offering Porsche AG secured 25 percent plus one share of the sports car manufacturer’s common stock last year. This means that the families have a blocking minority in the Stuttgart car manufacturer.
The PSE financed the purchase price of 10.1 billion euros with 7.1 billion euros in debt capital – it paid the rest with the special dividend that the VW Group paid out to shareholders as part of the transaction.