Porsche sets debt reduction target

BERLIN (Reuters) – Volkswagen (ETR:) anchor investor Porsche SE on Thursday said it aimed to improve its net liquidity to between minus 6.1 and 5.6 billion euros by the end of this year following its purchase of a Porsche AG equity stake last year.

It stood at minus 6.7 billion euros ($7.3 billion) by the end of last year.

The company proposed a dividend of 2.56 euros per preference share and 2,554 euros per ordinary share.

“It is important to us that this proposed dividend finds a balance between a stable dividend and the steady reduction of our debt,” Porsche Chairman Hans Dieter Poetsch said upon releasing the figures.

($1 = 0.9170 euros)