Porsche SE reported a net income of 7.83 billion euros in 2012 after selling auto unit to VW

Article by Christian Andrei, on March 15, 2013

After Porsche Automobil Holding SE had sold what remains of its automaking business last year to Volkswagen Group, it posted an increase in the 2012 net income. Porsche Automobil Holding SE is the largest shareholder of the VW Group. It also said that its profit in 2012 increased to 7.83 billion euros ($10.1 billion) from 59 million euros in 2011.

Sale of the last 50.1% of the Porsche auto unit to VW made Porsche get a cash inflow of 4.49 billion euros. Last Wednesday, Porsche said that its profit for 2013 is estimated to be in the "low single-digit billion-euro range.” Last August, Volkswagen completed the acquisition of the Porsche sports car business, putting an end to the seven-year tale that had VW outsmart Porsche in the end.

With this acquisition, VW has now been able to get total ownership of the Porsche auto brand. Porsche SE continues to be a holding company for a 50.7% stake in VW's common stock.

Last year, Porsche had divulged after the repayment of 2 billion euros in bank debt that it intends to use proceeds from the transaction to undertake investments "along the automotive value chain" that include energy trading and real estate. This holding company, which considers VW shares to be its lone asset, submitted a proposal for a 2012 dividend of 2.01 euros for each preferred share and 2.00 for each ordinary share.

Topics: porsche, vw

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