Corona crisis pushes Porsche SE in the red
The Porsche SE holding ended the first half-year with a net loss of 2,38 billion profit of a year ago. Although a realistic prognosis is difficult, the holding company is still counting on net profit for this year.
Porsche SE, owned by the Piech and Porsche families, controls 53,3 percent of the Volkswagen Group. This includes twelve brands, including Porsche, Volkswagen, Audi, Skoda, and Lamborghini.
From mid-March onward, many plants had to close their doors, and the demand for cars collapsed due to the corona crisis. Most brands recorded losses, which is reflected in the holding company’s figures.
Porsche SE recently increased its share in VW slightly to 53,3%. This has affected the cash position. Both the VW Group and Porsche SE will cut their dividend.
The Volkswagen Group has also previously announced a sharp decline in the operating result for 2020. It announced at the end of July that it had incurred a pre-tax loss of €1,4 billion in the first six months of this year. In the same period last year, profits amounted to €9,6 billion. The net loss for the first half-year was €800 million.
Other participations are doing well
In addition to the principal investment in the VW Group, Porsche SE has smaller shareholdings in the automotive sector, such as PTV Planung Transport Verkehr.
This is a provider of software for traffic planning, traffic management, and transport logistics. It also has minority stakes in the US automotive technology companies Inrix, Markforged, and Seurat Technologies.
This ‘intelligent transport systems’ segment recorded a turnover of €50 million and an after-tax profit of €11 million. The Porsche brand performed remarkably well despite the crisis among major manufacturers, with a gross profit of €1,32 billion in the first half-year.