Stuttgart, 9 November 2021. The group result after tax of Porsche Automobil Holding SE (“Porsche SE”), Stuttgart, increased significantly in the first nine months of the fiscal year 2021 to 3.3 billion euro. This compares to 437 million euro reported in the prior-year period. The group result after tax was significantly influenced by the profit from the investment in Volkswagen AG accounted for at equity of 3.37 billion euro (prior-year period: 505 million euro). The main reason for the increase is the positive development in earnings at the level of the Volkswagen Group following the extremely negative effects of the Covid-19 pandemic in the previous year.
In October 2021, Porsche SE has partnered with the international private equity investor Bridgepoint Advisers Limited (“Bridgepoint”), London/United Kingdom, to advance the further development of PTV AG (“PTV”), Karlsruhe. In this context, Bridgepoint has acquired 60 percent of PTV, while Porsche SE retains a 40 percent stake in the company. The aim of the partnership is to further expand PTV’s position as a global leading software provider for smart and environmentally friendly mobility and drive the value development of the investment. The transaction, which is subject to regulatory approvals, is scheduled to complete by the end of 2021/beginning of 2022.
The net liquidity of the Porsche SE Group increased from 563 million euro as of 31 December 2020 to 639 million euro.
Porsche SE continues to expect a group result after tax of between 3.4 billion euro and 4.9 billion euro for the fiscal year 2021. The forecast is based on the current structure of the Porsche SE Group. With the exception of the sale of shares in PTV, effects from future investments and divestitures have not been taken into account.
As of 31 December 2021, Porsche SE still aims to achieve positive net liquidity of between 0.4 billion euro and 0.9 billion euro, not taking into account future investments with the exception of the PTV transaction.
The group quarterly statement as of the third quarter of 2021 of Porsche Automobil Holding SE can be found at: www.porsche-se.com/en/investor-relations/financial-publications/
