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July 31, 2017updated 09 Apr 2021 12:38pm

Porsche SE first half profit soars

Porsche Automobil Holding SE (Porsche SE) boosted first half group profit 94% to EUR1.90bn with the result "significantly influenced" by profit of EUR1.95bn (H1 2016: EUR1.01bn) from its investment in Volkswagen AG.

Porsche Automobil Holding SE (Porsche SE) boosted first half group profit 94% to EUR1.90bn with the result "significantly influenced" by profit of EUR1.95bn (H1 2016: EUR1.01bn) from its investment in Volkswagen AG.

The company said group net liquidity was EUR1.26bn compared to EUR1.30bn at the end of the second half in 2016. The acquisition of 97% of shares in PTV Planung Transport Verkehr was still subject to "a condition precedent" and expected in the third quarter of 2017. The expected cash outflow of around EUR300m was not taken into account in the H1 results.

Equity of the Porsche SE Group increased to EUR30.11bn (31 December 2016: EUR27.89bn) due to group profit for the period and to expenses and income recognised directly in equity. Equity ratio of Porsche SE increased from 98.3% at the end of the fiscal year 2016 to 99.4%.

"On the basis of the Volkswagen Group's expectations regarding its future development and the ongoing existing uncertainties with regard to possible special items in connection with the diesel issue, Porsche SE, based on the current group structure, continues to expect a group profit for the year of between EUR2.1bn and EUR3.1bn," the company said in a statement.

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