The Volkswagen-Penigerholding Porsche SE has slipped into the red figures on their investments to VW and sports car manufacturer Porsche AG due to billions of depreciation. Last year, a shortfall of around 20 billion euros was incurred after taxes, the DAX group said in Stuttgart on Friday evening. Nevertheless, a dividend for the completed financial year should continue to be paid to the shareholders.
Enormous value correction
The reason for the billion dollar loss is primarily non -cash depreciation. The value correction of the book value of the participation in Volkswagen AG is minus 19.9 billion euros.
A value adjustment of minus 3.4 billion euros was estimated for Porsche AG. The owner holding company had already warned of the unscheduled depreciation – for both investments, the value adjustments were now at the lower end of the respective tension.
The Porsche-SE board plans to publish the full annual report on March 26.