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August 6, 2014

GERMANY: Porsche profits up

Porsche SE increased group profit to EUR1.74bn (US$2.34bn) in the first half of this year, a result significantly influenced by the profit of EUR1.77bn (US$2.76bn) from the investment in Volkswagen AG accounted for at equity. This compares with EUR1.49bn (US$2bn)in the first half of 2013.

Porsche SE increased group profit to EUR1.74bn (US$2.34bn) in the first half of this year, a result significantly influenced by the profit of EUR1.77bn (US$2.76bn) from the investment in Volkswagen AG accounted for at equity. This compares with EUR1.49bn (US$2bn)in the first half of 2013.

Net liquidity remained almost unchanged at EUR2.54bn. As Porsche did not participate in Volkswagen ’s capital increase in June to partially refinance its voluntary public offer to the shareholders of Scania AB, the sportscar maker’s share in VW decreased from 32.2% to 31.5% although Porsche’s share in VW’s ordinary shares remained unchanged at 50.7%.

Porsche said it still expects a group profit for the year of between EUR2.2bn (US$2.9bn) and EUR2.7bn (US$3.6bn).

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