The coming US dollar crisis Message Board

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Strategies & Market Trends : The coming US dollar crisis

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To: ggersh who wrote (24795)	11/25/2009 5:56:52 AM
From: RockyBalboa	Read Replies (2) of 71412

And from today... Porsche SE sees billion euro loss in fiscal 2009/10 FRANKFURT, Nov 25 (Reuters) - Indebted automotive holding Porsche SE will post a second straight annual loss in the billions as it is forced to deconsolidate Volkswagen and part of its sports car business from its accounts. Chief Financial Officer Hans Dieter Poetsch warned on Wednesday that this would result from a possible approval at the next Volkswagen shareholder meeting of Lower Saxony's motion to receive once again the right to appoint two members to VW's supervisory board. "Approval of the proposal by the annual general meeting would mean that Porsche would lose its control of Volkswagen and it would no longer be possible for Volkswagen to be fully consolidated in the financial statements of Porsche SE," Poetsch said in a copy of a speech to be given at a press conference. "According to the International Financial Reporting Standards, the deconsolidation necessary in this event would mean that the shareholding in Volkswagen would have to be reported at the market value. This would give rise to a considerable loss based on the current market price," he said. Including the expected sale of a 49.9 percent stake in Porsche AG, its sports car unit, to Volkswagen, the structural changes in its consolidated financial statements would lead to a unspecified loss "in the low single-digit billion euro range." Porsche SE posted a group net loss of about 3.6 billion euros ($5.37 billion) for the past fiscal 2008/09 year, although only 2.5 billion was attributable to shareholders. Net debt at the end of its fiscal year on July 31 was 11.4 billion euros. (Reporting by Christiaan Hetzner) ((christiaan.hetzner@thomsonreuters.com; Reuters Messaging: christiaan.hetzner.reuters.com@reuters.net; +49 69 7565 1249)) ($1=.6708 Euro) Keywords: PORSCHE/

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