2023 Author: Eric Donovan | [email protected]. Last modified: 2023-05-21 15:44
Despite claims for damages, Porsche Holding expects high profits in 2013 and 2014. The company is trying to bring pending litigation to Germany.
Despite high claims for damages from investors, Porsche Holding expects billions in profits in the coming years. Both in 2013 and 2014 he is assuming a consolidated result in the low single-digit billion range, said Porsche SE chairman and VW boss Martin Winterkorn on Tuesday in Stuttgart. Porsche
has not financially planned the risk of possible claims for damages. Porsche still considers all pending lawsuits to be unfounded, said Winterkorn. Because of the failed takeover battle with VW, Porsche still has billions in lawsuits in the USA and at the Braunschweig regional court. Investors and funds saw themselves misinformed at the time and are demanding compensation.
Bring the case to Germany
There are "still considerable amounts in the world," said CFO Hans Dieter Pötsch. So far, the group has set aside only 41 million euros in its balance sheet for legal and consulting fees. This covers Porsche very well, said Pötsch. The holding company is trying to bring the processes from abroad - including an upcoming one in Great Britain - to Germany. Only recently, several funds withdrew their appeal before a US court and are now only pursuing their claims in Braunschweig.
In 2012, after the sale of the sports car manufacturer Porsche AG to Volkswagen, Porsche SE made a profit of 7.83 billion euros and completely paid off its mountain of debt. At the end of 2012, the holding company had 2.6 billion euros in its cash register, after 1.5 billion euros in debt in the previous year. The money is to be put in investments related to car production, which are currently being examined, said Winterkorn. "Specifically, it is about new drive concepts and materials as well as technologies for vehicle safety and connectivity, for example."
A company spokesman said that the holding company has set itself the goal of one or two investments of between 100 and 400 million euros this year. Porsche SE is now acting as an investment company, but has so far only had a 51 percent stake in VW and thus lives from the success of the car manufacturer. "Volkswagen is and will remain the core investment of Porsche SE," said Winterkorn. (dpa)