Porsche Automobil Holding SE (Porsche SE) said "positive development" at Volkswagen AG contributed to a 6% increase in profit to EUR3.5bn – an increase of 6% compared to the prior-year result of EUR3.3bn.

Volkswagen AG contributed EUR3.6bn compared with EUR3.4bn in 2017.

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Net liquidity fell to EUR864m at 31 December 2018 after the holding company acquired further ordinary shares in Volkswagen AG, expanding its stake from 52.2% to its current level of 53.1% of voting rights. Overall, around EUR400m has been invested in the acquisition of shares over the past few months.

Hans Dieter Poetsch, chairman of the executive board of Porsche SE, said at the annual press and analyst conference: "We remain convinced that the Volkswagen Group has vast potential for increasing value added and that its current valuation on the capital market does not reflect this. We have therefore decided, in consultation with the supervisory board, to further expand our stake in Volkswagen AG."

In addition to acquiring further ordinary shares in Volkswagen, Porsche SE will continue to pursue its current investment strategy with regard to the automotive value chain and also continues to expand its existing investments such as that in PTV.

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Poetsch said: "As a long-term investor, we support PTV on its journey from being a pure-play software provider to also offering platform-based solutions. We see great potential in this area. Porsche SE is thus investing in mobility management of the future, which is also becoming increasingly relevant for automotive manufacturers like the Volkswagen Group."

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Forecast for 2019

Porsche SE expects a group profit for the year of between EUR3.4bn and EUR4.4bn for fiscal 2019.