Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen AG, and Hans Dieter Pötsch, Member of the Board responsible for “Finance and Controlling,” join the Board of Management of Porsche Automobil Holding SE today.
The appointments came as Porsche presented its results for the business year 2008/09, covering operations from August 1, 2008 to July 31, 2009.
During that period, Porsche SE lost (-€4.4) billion before taxes. Net loss was (-€2.52) billion for the 12 months. The loss was Porsche’s first annual deficit since 1994.
The latest moves are part of VW’s ongoing integration of Porsche into its business, after the smaller company failed to gain control of VW with borrowed money during a contentious multi-year takeover bid, which failed earlier this year when Porsche debt reached an unsustainable €10 billion.
The next step in VW’s acquisition is 49.9% ownership by Volkswagen in Porsche AG, which is planned for the end of 2009 at a price of €3.9 billion.
There is also an “Extraordinary General Meeting” of VW AG on December 3, 2009, where VW has proposed a large, some say breathtaking, authorization of up to 135 million shares of preferred stock to finance the balance of the Porsche takeover.
The Porsche loss was largely the result of writing down the value of options on VW shares acquired during the aborted takeover bid. The previous year’s total was + €8.6 billion, according to Pötsch. Next year could also see a loss he said.