Porsche SE reduces its forecast for the Group profit after tax for the 2020 fiscal year
Porsche Automobil Holding SE, Stuttgart (“Porsche SE”), is reducing its forecast for the Group profit after tax for fiscal 2020. The profit of the Porsche SE Group will be significantly influenced by the at equity result attributable to Porsche SE and thus by the earnings situation of the Volkswagen Group.
Volkswagen AG has announced that the outlook for fiscal year 2020 is being revised downwards due to the effects of the Covid-19 pandemic on the business of the Volkswagen Group.
The Board of Management of Volkswagen AG currently assumes that the previous expectations for fiscal year 2020 published in the 2019 Annual Report can no longer be met in light of the ongoing Covid 19 pandemic and its significant impact on the business of the Volkswagen Group.
At present, Volkswagen AG cannot foresee when a new forecast for the current fiscal year will be possible. As a result, it is also not possible for the Board of Management of Porsche SE to issue a new forecast until further notice.
According to current estimates, the previous forecast for the net liquidity of the Porsche SE Group will not be affected by this development. It is – without taking into account further investments – in a corridor of 0.4 to 0.9 billion Euro as of 31 December 2020.
Porsche Automotive Holding SE-