An exposure to the Volkswagen Group is the reason for Porsche SE having declared a loss of EUR273m (US303m) for fiscal 2015. The company’s forecast for the present financial year is, however, unchanged.

Hans Dieter Pötsch, chairman of the executive board at Porsche Automobil Holding SE, Stuttgart (Porsche SE), will present these and other figures for the past year to more than 4,000 shareholders later today at the company’s AGM. The chairman notes that the plunge into red ink was “significantly influenced by the loss from the investment accounted for at equity of minus 436 million euro”.

“Our investment in Volkswagen represents around 90 percent of Porsche SE’s assets, thus making it our core investment. Both the financial ratios of Porsche SE and its share price are therefore significantly influenced by the development of the Volkswagen Group,” Pötsch stated.

While we have always benefited from the good Volkswagen figures in earlier years, in 2015 we were unfortunately unable to avoid the effects of the diesel issue,” he added.

Pötsch continued: “Porsche SE is fully committed to its role as the Volkswagen Group’s anchor shareholder. We are firmly convinced that the Volkswagen Group has long-term potential for increasing value added. With yesterday’s submission of the settlement proposals in the USA by the various stakeholders, Volkswagen has taken a further important step towards overcome the diesel issue.”

The annual general meeting of Porsche SE has been proposed a dividend per preference share of 1.01 euro and a dividend per ordinary share of 1.004 euro.

In the first quarter of 2016, Porsche SE moved back into the black by generating a group profit of 661 million euro. The profit from the investment in Volkswagen AG accounted for at equity amounted to 674 million euro in this period.

Based on the current group structure, in particular on the basis of the Volkswagen Group’s expectations regarding its future development and the uncertainty surrounding possible special effects in connection with the diesel issue, Porsche SE still expects a group profit of between 1.4 billion euro and 2.4 billion euro for the fiscal year 2016. Moreover, Porsche SE still aims to achieve positive net liquidity in the region of 1.0 billion euro to 1.5 billion euro as of 31 December 2016, not taking into account future investments.