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VW loss also puts Porsche SE in the red – less dividend | message


STUTTGART (dpa-AFX) – The billion-dollar loss at Volkswagen (Volkswagen (VW) vz) is also causing red numbers for the parent company Porsche SE (Porsche SE Vz). The earnings after taxes in the first half of the year fell from 2.38 billion euros in the previous year to minus 329 million euros, as the holding company announced on Monday in Stuttgart. In view of the uncertain further development of the coronavirus pandemic, the Group still does not trust itself to make a forecast for the full year. However, a positive result is expected at the end of the year, it said.

Porsche SE (PSE), controlled by the Porsche and Piëch families, holds a good 53 percent of the ordinary shares of Volkswagen. The PSE increased its stake again slightly in the spring. Although there are still a few other investments, the business depends for the most part on the development of the VW (Volkswagen (VW) vz) group, which had a loss of a billion euros in the first half of the year.

Just like VW, the PSE plans to cut the dividend for 2019. Only 2.21 euros are now to be distributed per preference share, and around 2.20 euros for each common share. That would be 90 cents less than originally planned. All common shares are held by the Porsche and Piëch families. All other shareholders have no voting rights with their preference shares, but in return receive a slightly higher dividend./eni/DP/men

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