Porsche Automobil Holding SE said it expects after tax profit for full year 2020 will "presumably be significantly positive, given the fact that Volkswagen AG has "announced it expects an operating result before special items related to diesel of around EUR10bn".

The Porsche group holds 31.4% of VW so its after tax earnings are significantly affected by Volkswagen group results.

"The group result after tax of Porsche SE is thus also influenced by additional effects different from the operating result [such as] the financial result at the level of the Volkswagen group. Currently Porsche SE does not have information for the total fiscal year 2020 regarding such other effects," the automaker said in a statement on Friday (22 January).

"Thus a quantitative guidance regarding the group result after tax for Porsche SE is currently not yet possible."