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CARS

Porsche posts loss, but sees profit in 2011

German luxury sports car maker Porsche said Wednesday that it expected to turn a profit next year after posting a loss in the 2009-2010 exercise owing to its failed bid to buy Volkswagen.

Porsche posts loss, but sees profit in 2011
Photo: DPA

Porsche suffered a net loss of €454 million ($633 million) in the fiscal year that ended on July 31, a statement said. The loss is less than expected however and much better than in 2008-2009, when Porsche recorded a net shortfall of €3.5 billion.

The latest loss is “essentially” a result of negative accounting effects that stemmed from the de-coupling of Volkswagen and Porsche that took place in December 2009, a statement said.

The maker of 911 sports cars had taken on a massive amount of debt in its attempt to buy VW, before shelving the plan in the midst of the financial crisis.

In the end, VW turned the tables and is now in the process of buying Porsche in several steps that will create a new complex structure of cross shareholdings.

As part of that process, Porsche will move to the same calendar year as VW, and the new forecast was thus for 2011 as a whole.

On the operating level, the 2009-2010 fiscal year looked better, Porsche said, with a profit of €1.18 billion and record sales of €7.79 billion, a gain of 17.9 percent from its previous exercise.

For the truncated exercise that ends on December 31, the group forecasts “at least a balance” in its net result.

At the Porsche general assembly on November 30, directors will propose a 2009-2010 dividend of €0.094 per ordinary share, up from €0.044 in the 2008-2009 fiscal year, the company said. The proposed dividend on preferential shares will double to €0.10 per share.

In over the counter trading, Porsche shares closed with a gain of 4.95 percent at €39.

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GREENPEACE

Two hospitalized in Munich after activist crashes parachute into Euro 2020 stadium

At least two people were hospitalised Tuesday after a Greenpeace activist crash-landed on the pitch before the Germany-France match at Euro 2020 when his powered parachute microlight struck spidercam cables at Munich's Allianz Arena.

Two hospitalized in Munich after activist crashes parachute into Euro 2020 stadium
The activist lands on the turf of the Allianz Arena. credit: dpa | Christian Charisius

The pilot flew over the pitch just before kick-off in the Group F clash with “Kick out oil” written on the canopy of his parachute.

However, when the pilot hit television cables above the pitch, it knocked his microlight off balance and he landed on the turf after clipping one of the stands, where the casualties happened.

The activist was arrested soon after landing.

A Munich police spokesman told AFP that at least two people suffered head injuries and “both had to be taken to hospital, we don’t know yet how serious the injuries are”.

The police spokesman said the activist appears to have escaped injury, but “we are considering various criminal charges. Munich police has zero understanding for political actions that put lives at risk”.

UEFA also slammed the botched stunt.

“This inconsiderate act – which could have had very serious consequences for a huge number of people attending – caused injuries to several people attending the game who are now in hospital and law authorities will take the necessary action,” European football’s governing body said in a statement.

The parachutist above the stadium. Photo: dpa | Matthias Balk

“The staging of the match was fortunately not impacted by such a reckless and dangerous action, but several people were injured nonetheless.”

The stunt was a protest against German car manufacturer Volkswagen, one of the sponsors of the European Championship, Greenpeace explained in a Twitter post.

“UEFA and its partners are fully committed to a sustainable Euro 2020 tournament and many initiatives have been implemented to offset carbon emissions,” said UEFA.

Greenpeace said they regretted any harm caused.

“This protest was never intended to disrupt the game or hurt people,” read a Twitter post on Greenpeace’s official German account.

“We hope that everyone is OK and that no one was seriously injured. Greenpeace actions are always peaceful and non-violent.”

“Unfortunately, not everything went according to plan.”

READ MORE: Climate activists rage as Germany opts for drawn-out coal exit

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