STUTTGART (dpa-AFX) - The VW holding company Porsche SE (PSE) has reduced its mountain of debt accumulated as a result of the Porsche bankruptcy by around one billion euros. While net debt at the end of 2022 was still at 6.7 billion euros, it was 5.7 billion euros at the end of last year, as the DAX-listed company announced in Stuttgart on Thursday. In the long term, the company plans to repay an annual amount in the mid three-digit million euro range. At the end of 2021, PSE still had 641 million euros in net liquidity.

Via the Porsche SE holding company, the Porsche and Piëch families secured 25 percent plus one share of the ordinary shares in the IPO of sports car manufacturer Porsche AG last year. This gives the families a blocking minority in the Stuttgart-based car manufacturer. PSE financed the purchase price of 10.1 billion euros with 7.1 billion euros in debt - the rest was paid with the special dividend that the VW Group distributed to shareholders as part of the transaction.

Consolidated net profit after tax amounted to around EUR 5.1 billion last year - around EUR 400 million lower than in 2022. However, without a special accounting effect from the purchase of VW preference shares in the previous year, consolidated net profit in 2023 would have been higher than in the previous year, it was reported. The result is significantly influenced by the core investments in Volkswagen and Porsche.

PSE is targeting earnings of between EUR 3.8 and 5.8 billion for the current year. In addition, the level of debt is to be reduced further: this is expected to be between 5.0 and 5.5 billion euros by the end of the year.

However, the Group also wants to continue to invest in promising growth companies and invest in the low three-digit million euro range each year. "Should attractive investment opportunities arise in the meantime, we will take advantage of them in the interests of our shareholders - even if this means that the repayment schedule is postponed somewhat," CEO Hans Dieter Potsch is quoted as saying./jwe/DP/zb