car
VW roof company with loss of billions at the beginning of the year
From the billion dollar to the minus: the holding of the VW owner families started with red numbers into the year. What does the company expect in the rest of the year?
Due to the difficult situation in its core participations, the VW-Dachgesellschaft Porsche SE made a loss of billion dollars even at the beginning of the year. After taxes, the group result was 1.08 billion euros in the first quarter, as can be seen from the interim report of the Stuttgart Dax Group.
In the first three months of 2024, the company, in which the Porsche and Piëch families mainly bundled their participations in the Volkswagen Group and at the Sportwagenbauer Porsche AG, had still shown a profit of 1.06 billion euros.
Already in the past year, billions of value had caused high losses to the investments. For the shares in Volkswagen AG, Holding therefore had a reduction in 1.4 billion euros in the first quarter, and Porsche AG was 168 million euros.
Annual forecast unchanged
The group had already warned that strong fluctuations in the valuables of the Volkswagen and Porsche-AG shares in the future were also expected in the quarterly reports. It is the value that the holding can write in the balance sheet for its own shares in VW and Porsche AG. Management has therefore switched the annual forecast to indicators that cling to the exclusion.
In the case of the target for the adjusted net result of 2.4 to 4.4 billion euros, it remains for 2025. In the first three months, the adjusted profit slipped to 0.5 billion euros, which was less than half a year earlier. Volkswagen and the Porsche sports car manufacturer had reported sensitive losses in profits.
The net debt of Porsche SE increased by 0.1 billion euros to almost 5.3 billion by the end of March compared to the end of the year. According to the company, the reason was investments and financing costs. At the end of the year, Porsche SE continues to expect a debt between 4.9 and 5.4 billion euros.
The Porsche and Piëch families had secured 25 percent plus a share of the regular shares through the holding of Porsche and Piëch in 2022 during the IPO of Porsche AG – but debts in billions in billions.
dpa
Source: Stern
