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.