2023 Author: Eric Donovan | [email protected]. Last modified: 2023-05-21 15:44
Porsche Holding SE plans to invest in companies from the automotive and mobility sectors. The first transaction is only a matter of time, says Martin Winterkorn.
The Porsche Holding SE drives the search ahead for new investments. "Last year we took a closer look at more than two dozen companies, and there were interesting candidates among them," said the CEO of Porsche SE, Martin Winterkorn, on Tuesday in Stuttgart. The first transaction is "only a matter of time".
With the complete sale of the sports car business (Porsche AG) to Volkswagen in 2012, PSE became largely debt-free and has since lived mainly from its stake in the VW Group. In future, however, the Swabians want to invest in companies related to the subject of cars and mobility. The holding company would have enough on the high edge: According to the annual report, the net liquidity - i.e. the money in the cash register minus debt with the banks - is around 2.6 billion euros. According to Winterkorn, the "major part" of this should flow into new investments.
Winterkorn investments not at any price
Which exactly this could be remained open. Specifically, it should be about new drive concepts and materials as well as innovative technologies. Winterkorn emphasized, however, that they were "not prepared to pay any price for interesting investments." In 2013, PSE once again benefited from its stake in VW: After taxes, 2.4 billion euros were on the books. In the previous year, the total was significantly higher at 7.9 billion euros. However, this was due to a special effect from the sale of Porsche AG. For 2014, based on the current structure after taxes, PSE is anticipating earnings of between 2.2 and 2.7 billion euros.
The Swabians could face costs due to numerous legal disputes. In connection with the attempted takeover of Volkswagen in 2008/2009, the holding company has various lawsuits on its side. In retrospect, investors felt disappointed and are demanding billions in damages.
At that time, Porsche had split into a company for car manufacturing (Porsche AG) and a superordinate company for investments (PSE). It was the PSE that seized power at VW, failed and was stuck with 11.4 billion euros in debt. VW then turned the tables and took over the sports car manufacturer Porsche AG. The first hedge funds that demanded compensation from Porsche SE in the wake of the takeover poker, however, failed on Monday before the Stuttgart district court. Other proceedings are still pending, and in some cases there is not even an appointment for negotiation.
"The legal proceedings are dragging on," said PSE CFO Hans Dieter Pötsch. "We assume that we will continue to deal with these claims for damages in the years to come." The planned investments will not affect that, emphasized Pötsch. "The legal battles won't stop us from investing." (dpa)