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Porsche SE’s net debt drops ahead of 2011 cap hike

Porsche SE’s debt pile has shrunk, but not far enough to ensure that next year’s EUR5 billion (USD6.8 billion) capital increase will leave the troubled holding free of debt and ready to merge with Volkswagen.

Net financial liabilities dropped to EUR6.1 billion (USD8.19 billion) at the end of Porsche’s first fiscal half on 31 January from around EUR11.4 billion (USD15.3 billion) at the end of November 2009, thanks in part to a EUR3.9 billion (USD5.23 billion) disposal gain used to pay down debt.