Porsche SE, VW's majority shareholder, cuts profit by 41% in 2020

Porsche Automobil Holding SE (Porsche SE), the majority shareholder of the Volkswagen group, posted an after-tax profit of 2.6 billion euros in 2020, a 41% drop compared to the previous year.

As explained by the German holding company, the net result is influenced by its 31.4% stake in Volkswagen, ordinary shares with voting rights and preferred shares. For this reason, its result depends a lot on the figures of the consortium chaired by Herbert Dies.

Porsche SE suffered a net loss of 329 million euros in the first half, compared to a profit of 2.38 billion euros a year earlier, due to the losses of the Volkswagen group due to the effects of the pandemic.

After Porsche SE, which has 53% of the voting shares in Volkswagen, the largest shareholders of the German consortium are the state of Lower Saxony and the state fund Qatar with 20% and 17% of the voting rights. , respectively.

The group Volkswagen made a profit € 10 billion operating in 2020, which translates into a decline of 41% compared to the previous year, according to provisional data. This result leaves out the extraordinary effects related to the case of software that altered the emissions of some diesel vehicles when they were subjected to laboratory tests, known as dieselgate. It will communicate the final data on March 16.

The company sold 9.3 million cars worldwide last year, which translates into a decrease of 15.2% compared to the previous year, that is, 1.4 million units less, due to the effects of the coronavirus pandemic.

Only in January of this year, it has registered 824,800 units, 1.4% less in the year-on-year comparison, while the Spanish Seat sold 49,400 units [incluyendo a Cupra], 24.8% less.

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