The VW title was then powered beyond 1000 euros

For the first time in three years, the things are not exactly as planned in the Porsche camp. The irresistible rise of the German champion sports cars in the capital of Volkswagen, initiated in September 2005, suffers a backlash because but not only the financial and economic crisis.

Porsche, which already holds 42.6 of the shares of the first European car manufacturer, not to mention its additional options on 31.5, waives for the moment to pass the cap of 50 by the end of this year, as he conceived it. "Our goal remains to increase our stake beyond 50 of the shares as soon as possible." But we have always said that we would not unreasonably Act. In the light of the current economic environment, it becomes more and more unrealistic to achieve this current 2008. "We are also not constrained to do so and remain confident about our cooperation with Volkswagen, is is justified yesterday the boss of Porsche, Wendelin Wiedeking, less conqueror than before.

But, if this delay is in the first place on the account of the "general economic conditions", the Financial Director, Holger Härter, also delivered yesterday another explanation: "the unusual course of action Volkswagen fluctuations observed in October." "We do not want of VW ordinary shares priced economically ridiculous." This would represent significant risks for depreciation and an incalculable financial burden.

A rather unexpected scenario

In this case, Porsche is indeed of sprinkler watered. For months, the Group advance step by step, without wanting to give markets the key details that would completely read his strategy. It is therefore not for nothing in the panic movement who seized the "hedge funds" last month, after significant short sales. The VW title was then powered beyond 1,000 euros. The Fund acted on assumptions, not facts, defending Stuttgart group.

In addition, "our decision to acquire a share of Volkswagen was exclusively based on industrial logic, and not the desire to make money on the backs of third parties," added the staff. Porsche secured his rear long via its stock options, which have provided substantial profits in its last fiscal year (6.8 billion euros alone!), it therefore considers that it is not appropriate to exercise a part today. But this is only part remission, insists Wendelin Wiedeking. The next step is the passage of the cap of 75 of Volkswagen, which would directly give access, according to German law, to the cash flow of VW and would focus more directly its strategy.

If Porsche said reflection "to all the scenarios", currently taking place is quite unexpected. When he left to the onslaught of Volkswagen, the producer of the 911 was at the zenith on the financial plan. Today, it is endure back its sales and profitability, hidden by VW financial operations. But analysts wonder if the group will not revive the crisis of the 1992-1993 fiscal year, which had been marked by a fall in 61 of its sales with four years in the red. Commercial setbacks already registered this year on its main markets, the United States and the Germany, not augur well.

Merrill Lynch said that in the last fiscal year, completed end of July, the heart of Porsche taxable profit, automotive, construction fell 728 million euros, against 1.04 billion a year earlier. The decline is much more marked in the second half (vehicle sales declined by 11) than the first. The direction is nevertheless reassuring: "our return on investment in our core business is still in double digits." "It is much better than Toyota happened below 10," she says.

But, for the year in progress (August 2008 to July 2009), Porsche is that its sales will be "substantially lower" than those of 2007-2008. On the first four months of its fiscal year (August to November), he hopes not sell more 25.200 vehicles, against 30.700 a year earlier. The blow, its main Stuttgart plant is forced to seven days of partial unemployment. As a vulgar generalist constructor.