Top VW investor Porsche SE eyes further investments (updated)
13/08/2024 08:09
(Adds detail, H1 results in final two paragraphs)
FRANKFURT, Aug 13 (Reuters) - Porsche SE PSHG_p.DE ,
the controlling shareholder in German automaker Volkswagen
VOWG_p.DE , is financially in a position to consider further
investments to diversify its portfolio, its finance chief said
alongside first-half results on Tuesday.
"Our financial resources give us considerable flexibility
for potential investments in further core and portfolio
investments," Johannes Lattwein, Porsche SE's board member for
finance and IT, said in a statement.
"In doing so, we pursue an active portfolio development
approach. The current stock market environment and the resulting
overall decrease in company valuations are creating attractive
opportunities," Lattwein added.
The group, whose current portfolio mainly includes
non-listed companies, said on Monday it was part of an investor
group taking a 35% stake in Flix SE, owner of Greyhound services
in North America and FlixBus in Europe.
Porsche SE also recently took a stake in Canadian AI company
Waabi Innovation Inc.
During the first six months of the year, Porsche SE saw its
net result after tax fall to 2.1 billion euros ($2.3 billion)
from 2.3 billion euros a year earlier. For the full year, it is
targeting a pre-tax net result of 3.5-5.5 billion euros.
The company reported a reduction in net debt from 5.7
billion euros at the end of last year to 5.0 billion euros as of
June 30, at the lower end of its guidance range for this year.
($1 = 0.9144 euros)
(Reporting by Ilona Wissenbach, Writing by Rachel More; Editing
by Thomas Seythal and Mark Potter)
((rachel.more@thomsonreuters.com;))