VW major shareholder Porsche SE increases profit by a fifth
The VW major shareholder Porsche SE posted consolidated earnings from January to September thanks to the higher profit from Volkswagen by a good fifth 4 billion euros increased. In future, the holding company, which is controlled by the Porsche and Piëch families, will also receive profits from its participation in the Stuttgart car manufacturer Porsche AG. Since it was listed on the stock exchange at the end of September, it has been included in the balance sheet of Porsche SE as an associated company, but so far has not been recognized in profit or loss due to the short period until the end of the quarter, as the Dax group announced on Tuesday.
Porsche SE is buying 25 percent of the ordinary shares plus one share in two tranches for a total of ten billion euros. The first tranche of 17.5 percent was acquired at the beginning of October for 7.1 billion euros, which was financed through credit. the Net liquidity of almost half a billion euros At the end of September it will drop to minus 6.4 to 6.9 billion euros due to bank debt at the end of the year. The second tranche of 7.5 percent of Porsche ordinary shares is to be purchased in early 2023. It is largely financed by the special dividend that the Porsche parent company VW distributes to its shareholders from the proceeds of the IPO.