Based on its current group structure, the Porsche SE Group continues to expect a group result after tax of between €3.4 billion and €4.4 billion for the fiscal year 2019.
Porsche Automobil Holding SE (“Porsche SE”) made €2.38 billion after taxes in the first six months of the fiscal year 2019 compared to €1.90 billion in the prior-year period. This result was “significantly influenced” by the profit from the investment accounted for at equity in Volkswagen AG of €2.42 billion (prior-year period: € 1.94 billion).
Porsche sales revenue grew +9% to € 13.4 billion compared with the prior-year period. The operating result before special items increased by +3% to € 2.2 billion. Return on sales before special items was 16.5%. Deliveries increased 2% to 133,484 vehicles by June end. The workforce increased by 5% to 33,839 employees in the first half of 2019.
Payments made for the acquisition of ordinary shares in Volkswagen AG of €311 million caused liquidity to decrease.
Results had a non-cash preliminary income from the acquisition of ordinary shares in Volkswagen of €326 million in the period from January to March 2019. This comes from the difference between the pro rata revalued equity of the Volkswagen Group and the acquisition cost of the ordinary shares in Volkswagen AG.
Net liquidity of the Porsche SE Group increased to €1.26 billion as of 30 June 2019 (31 December 2018: €864). The increase is attributable to the dividends received from the investment in Volkswagen AG of €753, while the dividend payments to the shareholders of Porsche SE of 676 million for the fiscal year 2018 were not made until after 30 June.
Payments made for the acquisition of ordinary shares in Volkswagen AG of €311 million caused liquidity to decrease.
Based on its current group structure, the Porsche SE Group continues to expect a group result after taxes of between €3.4 billion and €4.4 billion for the fiscal year 2019. The goal of the Porsche SE Group to achieve positive net liquidity remains unchanged. It is expected to be between €0.3 billion and €0.8 billion as of 31 December 2019, not taking future investments into account.
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.
Porsche SE Posts Strong 2019 Half-Year Results
Based on its current group structure, the Porsche SE Group continues to expect a group result after tax of between €3.4 billion and €4.4 billion for the fiscal year 2019.
Porsche Automobil Holding SE (“Porsche SE”) made €2.38 billion after taxes in the first six months of the fiscal year 2019 compared to €1.90 billion in the prior-year period. This result was “significantly influenced” by the profit from the investment accounted for at equity in Volkswagen AG of €2.42 billion (prior-year period: € 1.94 billion).
Porsche sales revenue grew +9% to € 13.4 billion compared with the prior-year period. The operating result before special items increased by +3% to € 2.2 billion. Return on sales before special items was 16.5%. Deliveries increased 2% to 133,484 vehicles by June end. The workforce increased by 5% to 33,839 employees in the first half of 2019.
Payments made for the acquisition of ordinary shares in Volkswagen AG of €311 million caused liquidity to decrease.
Results had a non-cash preliminary income from the acquisition of ordinary shares in Volkswagen of €326 million in the period from January to March 2019. This comes from the difference between the pro rata revalued equity of the Volkswagen Group and the acquisition cost of the ordinary shares in Volkswagen AG.
Net liquidity of the Porsche SE Group increased to €1.26 billion as of 30 June 2019 (31 December 2018: €864). The increase is attributable to the dividends received from the investment in Volkswagen AG of €753, while the dividend payments to the shareholders of Porsche SE of 676 million for the fiscal year 2018 were not made until after 30 June.
Payments made for the acquisition of ordinary shares in Volkswagen AG of €311 million caused liquidity to decrease.
Based on its current group structure, the Porsche SE Group continues to expect a group result after taxes of between €3.4 billion and €4.4 billion for the fiscal year 2019. The goal of the Porsche SE Group to achieve positive net liquidity remains unchanged. It is expected to be between €0.3 billion and €0.8 billion as of 31 December 2019, not taking future investments into account.
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.