From Business

Porsche to align fiscal year with the calendar year

Supervisory board and executive board propose change of fiscal year to the annual general meeting

Stuttgart. The supervisory board and the executive board of Porsche Automobil Holding SE, Stuttgart, have decided to propose to the next annual general meeting that the Porsche fiscal year be aligned with the calendar year. The company’s fiscal year currently runs from 1 August of one year to 31 July of the following year. If the annual general meeting on 29 January 2010 in the Porsche-Arena in Stuttgart approves the change, Porsche will have an abbreviated fiscal year in the coming year. It would be introduced following the close of the fiscal year 2009/10 ending 31 July 2010 for the period from 1 August 2010 to 31 December 2010. The year 2011 would then be the first fiscal year of Porsche to match the calendar year.
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Porsche and Volkswagen continue to be profitable.

Prof. Winterkorn presents the Porsche SE financial statement.

Stuttgart. This Wednesday in Stuttgart, Porsche Automobil Holding SE presented its company figures for the business year 2008/09, which covered Porsche operations from August 1, 2008 to July 31, 2009 and Volkswagen business for the six-month period from January to June 2009. This is because Porsche SE increased its voting share in Volkswagen AG above 50 percent on January 5, 2009, leading to a full consolidation.

In his first official act as the new chief executive officer of Porsche SE, Prof. Dr. Martin Winterkorn emphasized that both Porsche AG and Volkswagen AG continue to be profitable businesses, despite the difficulties on global markets. The company’s operating results for the reporting year stood at
1.9 billion euros. Within this, Porsche AG recorded a profit margin of 10.3 percent, and Volkswagen of 2.4 percent.
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Porsche Supervisory Board agrees on the contracts of implementation

Intensive negotiations with Volkswagen concluded successfully

Stuttgart. The Supervisory Board of Porsche Automobil Holding SE has given its approval for the contracts in today’s meeting, for the regulation of implementing the foundation agreement for the merger of the company with Volkswagen AG. The Executive Board of the Wolfsburg automobile company had already approved of the contracts in its meeting.

In the contracts of implementation, the organizational, structural and legal details of the consolidation of both companies are provided with binding regulations. The closing of these represents further important steps on the way towards the integrated automobile group, which should be realized during the course of the year 2011. The next milestone will be the planned 49.9 percent participation of Volkswagen in the Porsche AG by the end of 2009.
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Earnings of the Porsche Group affected by special influences

Executive Board and Supervisory Board decide on a proposed dividend

Stuttgart. At its meeting today, the Supervisory Board of Porsche Automobil Holding SE ratified the financial statements reporting a loss before tax of 4.4 billion Euro for the fiscal year 2008/09 (ending 31 July 2009). Last year the group reported a profit before tax of 8.6 billion Euro. The primary factor in the loss reported by Porsche SE was the write-down recognized for the cash settlement options to Volkswagen shares. This impairment loss was recorded at the end of the reporting period and paved the way for the sale of the substantial part of the options to the Emirate of Qatar.
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Porsche improves sales figures in the USA

More models of the 911, Boxster and Cayman delivered in September

Stuttgart. Dr. Ing. h.c. F. Porsche AG, Stuttgart, sold more cars this September than last September. Overall, 1,581 units were sold to US customers, which is about 8 percent more than September 2008. The current figures reflect the continuing overall slump in the US market as a result of the worldwide financial crisis.
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