UPDATE: Porsche Expects Smaller Loss; Merger With VW On Track
18 Juin 2010 - 9:30AM
Dow Jones News
Porsche Automobil Holding SE (PAH.XE) said Friday it expects a
smaller loss in fiscal 2010 than previously anticipated and that it
is on track for the merger with Volkswagen AG (VOW.XE), with a
related capital increase planned in the first half of 2011.
Porsche expects a loss of "less than EUR1 billion" in the
current fiscal year, the Stuttgart-based company said in a
statement. Porsche's fiscal year ends July 31.
The company previously had forecast a loss in the low
single-digit billion-euro range, mainly due to accounting effects
related to its 50.7% stake in Volkswagen.
In the August-to-April period, Porsche's loss after tax was
EUR700 million compared with a profit of EUR4.2 billion in the same
period in the prior year. Last year's result was inflated by gains
from cash-settled options on Volkswagen shares.
Porsche had to fully consolidate Volkswagen in its balance sheet
after increasing its voting stake beyond 50% on Jan. 5, 2009, but
the move to take over its much larger peer backfired as credit
markets turned sour and both companies now are pursuing a merger
under VW's leadership.
Volkswagen in December acquired a 49.9% stake in Porsche's core
sports car operations through a capital increase as part of the
complex merger, which is expected to be finalized in 2011. Porsche
pocketed EUR3.9 billion from Volkswagen's investment in the
company, which it used mainly to redeem bank liabilities.
Porsche said its net debt stood at EUR6 billion on April 30.
Porsche's Zwischenholding GmbH, which mainly comprises the core
sports car unit and related operations, posted an operating profit
of EUR600 million in the August-to-April period. Porsche noted that
the operating return on sales remained in the two-digit range,
making it one of the world's most profitable car manufacturers.
Revenue rose by 11.8% year-on-year to EUR5.2 billion, while car
sales were flat at 53,605 compared with 53,635 in the prior year.
The rise in revenue amid flat vehicle sales was due to the launch
of the new Panamera four-seater coupe.
-By Christoph Rauwald, Dow Jones Newswires; +49 69 29 725 512;
christoph.rauwald@dowjones.com
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