2023 Author: Eric Donovan | [email protected]. Last modified: 2023-05-21 15:44
Porsche has to settle tax and interest debts amounting to three times the million due to stock option deals. However, the company has already packed enough money to settle it.
Porsche has to pay several hundred million euros in taxes. The parent company Porsche SE had to pay tax and interest debts of 626 million euros due to stock option transactions, the company announced on Friday in Stuttgart. Porsche did not want to comment on the background.
Reserves as a positive special effect
Company observers assumed that the business was not related to the failed takeover of Europe's largest automaker VW. It was said that Porsche obtained cheap money on the capital market in 2007 and 2008. The sports car manufacturer wanted to largely manage the failed takeover of VW through option deals.
The Swabians had initially appealed against the decision of the tax authorities, but had already put money aside as a security. This provision totaling around 1.35 billion euros is now being released. The remaining 719 million euros will have a positive impact on earnings after tax as a special effect in the short fiscal year running from August to the end of December 2010. Most recently, Porsche boss Martin Winterkorn had assumed a balanced result, and in 2011 a profit is being targeted again.
Fiscal year adjusted
Due to the burdens in the course of the planned merger with Volkswagen, the holding, under whose roof Porsche AG and the Stuttgart-based shares in VW are bundled, posted a loss of 454 million euros in the end of July. In the previous year it was a loss of 3.6 billion euros.
After losing the takeover battle, it was decided to adjust the fiscal year at Porsche from 2011 to the calendar year as at Volkswagen. The sports car manufacturer is to be integrated into the VW Group. However, the two companies are struggling with massive problems such as claims for damages and unresolved tax and legal issues. (dpa)