Because of the ban on meetings in connection with the COVID-19 pandemic, Porsche Automobil Holding SE (Porsche SE), Stuttgart, held a virtual Annual General meeting. “With the health of all those attending in mind, we have decided this year to hold our Annual General Meeting virtually for the first time in the history of our company,” said the Chairman of the board of management Hans Dieter Pötsch.
The shareholders approved the proposed distribution of a dividend of €2.210 per preference share and €2.204 per ordinary share for the fiscal year 2019. The total distribution comes to around €676 million euro. It’s a risky move given the ongoing Covid pandemic that has infected global economies – one that could prompt a liquidity crisis.
For fiscal year 2019, the group result after tax reached €4.4 billion– an increase of around 26% compared to the fiscal year 2018. The increase is mostly attributable to the increase in the result from the investment accounted for at equity in Volkswagen AG.
As of the 31 December 2019 reporting date, net liquidity stood at 553 million euro (prior year: 864 million euro). The decrease comes from the acquisition of Volkswagen ordinary shares. The dividend proposal adjusted in July 2020 reflects a strong fiscal year 2019 but also the developments driven by the COVID-19 pandemic in the current fiscal year 2020.
According to Pötsch, the business figures for the first six months of the current fiscal year have been heavily influenced by the COVID-19 pandemic. The group result after tax of Porsche SE came to, gulp, -€329 million euro in the first half of 2020, compared to +€2.38 billion euro in the prior-year period.
“The uncertainty surrounding the business development at the level of the Volkswagen Group has restricted the ability to forecast at the level of the Porsche SE Group. It is not currently possible to make a reliable and realistic forecast for the fiscal year 2020,” Porsche said.
However, the Porsche SE Group expects a positive group result after tax for the fiscal year 2020. The forecast on the group net liquidity remains unchanged. Without taking additional investments into account, it lies between €0.4 billion to €0.9 billion as of 31 December 2020.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Porsche – First Virtual Annual Meeting Declares Risky €676 Million in Dividends. No Earnings Forecast Yet
Because of the ban on meetings in connection with the COVID-19 pandemic, Porsche Automobil Holding SE (Porsche SE), Stuttgart, held a virtual Annual General meeting. “With the health of all those attending in mind, we have decided this year to hold our Annual General Meeting virtually for the first time in the history of our company,” said the Chairman of the board of management Hans Dieter Pötsch.
The shareholders approved the proposed distribution of a dividend of €2.210 per preference share and €2.204 per ordinary share for the fiscal year 2019. The total distribution comes to around €676 million euro. It’s a risky move given the ongoing Covid pandemic that has infected global economies – one that could prompt a liquidity crisis.
For fiscal year 2019, the group result after tax reached €4.4 billion– an increase of around 26% compared to the fiscal year 2018. The increase is mostly attributable to the increase in the result from the investment accounted for at equity in Volkswagen AG.
As of the 31 December 2019 reporting date, net liquidity stood at 553 million euro (prior year: 864 million euro). The decrease comes from the acquisition of Volkswagen ordinary shares. The dividend proposal adjusted in July 2020 reflects a strong fiscal year 2019 but also the developments driven by the COVID-19 pandemic in the current fiscal year 2020.
According to Pötsch, the business figures for the first six months of the current fiscal year have been heavily influenced by the COVID-19 pandemic. The group result after tax of Porsche SE came to, gulp, -€329 million euro in the first half of 2020, compared to +€2.38 billion euro in the prior-year period.
“The uncertainty surrounding the business development at the level of the Volkswagen Group has restricted the ability to forecast at the level of the Porsche SE Group. It is not currently possible to make a reliable and realistic forecast for the fiscal year 2020,” Porsche said.
However, the Porsche SE Group expects a positive group result after tax for the fiscal year 2020. The forecast on the group net liquidity remains unchanged. Without taking additional investments into account, it lies between €0.4 billion to €0.9 billion as of 31 December 2020.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.