Porsche Automobil Holding SE has booked a fiscal year 2009/10 (to 31 July) post-tax loss of EUR454m. The company said this was better than its half year forecast of “a low single-digit billion-euro loss”. The after tax loss a year earlier was EUR3.563bn.
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Porsche said it expected to at least to break even for the current short fiscal year to 31 December.
“In the 2011 fiscal year, which corresponds to the calendar year, the company expects to record a profit at group level” due to a better return on investments linked to “recovering automobile markets”.
“The results from Porsche SE’s investments accounted for at equity will continue to include effects of amortization of the purchase price allocations for Porsche Zwischenholding GmbH and Volkswagen AG which commenced in December 2009. These burdens will, however, decrease in future. Above all, the associated interest payments will have a negative impact on the group’s profit/loss until the existing syndicated loan has been repaid.”
“The result for the past fiscal year was mainly attributable to the effects of deconsolidation of the Volkswagen group and the Porsche Zwischenholding group, of which the operating company [Porsche AG] is a part, in December 2009.
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By GlobalData“Other key factors were the inclusion of the two investments in Volkswagen AG and Porsche Zwischenholding GmbH at equity, and the dilutive effect of Porsche SE’s non-participation in the Volkswagen capital increase in March 2010.”
Porsche’s operating profit was EUR1.185bn on revenue up 17.9% to EUR7.792bn euro – the highest in the company’s history.
In the period from 1 July to 31 December 2009, the Volkswagen group generated revenue of EUR53.985bn and an operating profit of EUR616m. From 1 January to 30 June 2010, revenue was EUR61.809bn and operating profit EUR2.841bn.
Vehicle deliveries worldwide rose 15.8% to 3,613,044 vehicles in the first half of 2010.
The boards have proposed a dividend of EUR0.094 per ordinary share (prior year: EUR0.044 ) and of EUR0.10 (EUR0.050) per preference share.
