At least the Porsche 911 is untainted.
It’s the dirty gift that keeps on giving black soot and red ink. Porsche Automobil Holding SE (“Porsche SE”), Stuttgart, has published the following ad-hoc release:
“Volkswagen AG announced negative special items in the amount of 0.8 billion euro (that’s a staggering $0.93 billion US Dollars)on the Volkswagen group level resulting from an administrative order which was imposed to AUDI AG due to ‘deviations,’ (aka cheating or fraud) on regulatory requirements by V6/V8 diesel engines and diesel vehicles manufactured or distributed by AUDI AG.”
Earlier in 2018, Volkswagen settled a mirror image case in Braunschweig, near its Wolfsburg headquarters, for a €1 billion fine.
“Because of the participation of Porsche Automobil Holding SE, Stuttgart (“Porsche SE”), in the amount of currently 30.8% of the share capital of Volkswagen AG, the special item results in a respective negative impact on the group earnings of Porsche SE Group for the fiscal year 2018,” Porsche tersely noted.
Porsche rules out however a spin off ala Ferrari that could value and independent company at more than, oh, more than $70 billion. The remaining outstanding fraud case from the noxious diesel emissions scandal is remains ongoing in Stuttgart, where state prosecutors are investigating the role Volkswagen’s sports car brand Porsche played in the sordid diesel affair.
“In the light of this effect in combination with negative special items on the level of Volkswagen Group in connection with the Diesel Matter in the amount of 1.6 billion euro which have already been considered in the first half-year as well as emerging time lags regarding tax compensation claims in the low three digit million Euros against Volkswagen AG, the current group’s earnings after taxes guidance of Porsche SE needs to be adjusted,” the company partially admitted.
“Based on current expectations, Porsche group’s earnings after taxes guidance of Porsche SE as at 31 December 2018 will be between 2.5 billion and 3.5 billion euros. The currently communicated guidance for net liquidity as at 31 December 2018 remains unchanged and is confirmed between 0.7 billion euro and 1.2 billion euro. However, the prognosis of Porsche SE is still subject to evaluation risks.”
No kidding AutoInformed notes the unstated, but still threatening Porsche fraud investigation.
AutoInformed.com on Dieselgate
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Dieselgate – Audi Fines of ~$1 Billion hit Porsche Guidance. Porsche is Economical with the Truth on Ongoing Risks.
At least the Porsche 911 is untainted.
It’s the dirty gift that keeps on giving black soot and red ink. Porsche Automobil Holding SE (“Porsche SE”), Stuttgart, has published the following ad-hoc release:
“Volkswagen AG announced negative special items in the amount of 0.8 billion euro (that’s a staggering $0.93 billion US Dollars)on the Volkswagen group level resulting from an administrative order which was imposed to AUDI AG due to ‘deviations,’ (aka cheating or fraud) on regulatory requirements by V6/V8 diesel engines and diesel vehicles manufactured or distributed by AUDI AG.”
Earlier in 2018, Volkswagen settled a mirror image case in Braunschweig, near its Wolfsburg headquarters, for a €1 billion fine.
“Because of the participation of Porsche Automobil Holding SE, Stuttgart (“Porsche SE”), in the amount of currently 30.8% of the share capital of Volkswagen AG, the special item results in a respective negative impact on the group earnings of Porsche SE Group for the fiscal year 2018,” Porsche tersely noted.
Porsche rules out however a spin off ala Ferrari that could value and independent company at more than, oh, more than $70 billion. The remaining outstanding fraud case from the noxious diesel emissions scandal is remains ongoing in Stuttgart, where state prosecutors are investigating the role Volkswagen’s sports car brand Porsche played in the sordid diesel affair.
“In the light of this effect in combination with negative special items on the level of Volkswagen Group in connection with the Diesel Matter in the amount of 1.6 billion euro which have already been considered in the first half-year as well as emerging time lags regarding tax compensation claims in the low three digit million Euros against Volkswagen AG, the current group’s earnings after taxes guidance of Porsche SE needs to be adjusted,” the company partially admitted.
“Based on current expectations, Porsche group’s earnings after taxes guidance of Porsche SE as at 31 December 2018 will be between 2.5 billion and 3.5 billion euros. The currently communicated guidance for net liquidity as at 31 December 2018 remains unchanged and is confirmed between 0.7 billion euro and 1.2 billion euro. However, the prognosis of Porsche SE is still subject to evaluation risks.”
No kidding AutoInformed notes the unstated, but still threatening Porsche fraud investigation.
AutoInformed.com on Dieselgate
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.