Porsche Automobil Holding SE: Special items at Volkswagen weight on Porsche SE's group result

Porsche Automobil Holding SE / Key word(s): Miscellaneous

20.07.2016 11:08

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Volkswagen AG, Wolfsburg, reported in an ad-hoc announcement that its
operating result before special items for the first six months of 2016
reaches 7.5 billion euro despite the ongoing economic impact from the
Diesel issue. In addition, special items, totaling a negative 2.2 billion
euro, mainly related to further legal risks predominately arising in North
America, have been included in the first half year results. The operating
result of the Volkswagen Group after special items for the same period
amounted to 5.3 billion euro.

As a consequence of the capital stake of 30.8 percent which Porsche
Automobil Holding SE, Stuttgart ("Porsche SE"), holds in Volkswagen AG, the
special items cause a negative effect on the group result of Porsche SE.
Taking this effect into account, Porsche SE, based on its present
knowledge, still expects a group profit after tax for fiscal year 2016 of
between 1.4 billion euro and 2.4 billion euro unchanged from its previous

This forecast is based on the current group structure of Porsche SE. In
particular it takes into account the Volkswagen Group's expectations
regarding its future development as well as the existing uncertainties with
regard to possible special items in connection with the Diesel issue. Due
to these constraints Porsche SE's forecast is inevitably subject to
estimation risks.

Porsche SE still aims to achieve a positive net liquidity between 1.0
billion euro and 1.5 billion euro as of 31 December 2016, not taking into
account future investments.

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Language: English
Company: Porsche Automobil Holding SE
Porscheplatz 1
70435 Stuttgart
Phone: +49 (0)711 911-11046
Fax: +49 (0)711 911-11819
E-mail: InvestorRelations@porsche-se.com
Internet: www.porsche-se.com
ISIN: DE000PAH0038
Listed: Regulated Market in Berlin, Frankfurt (General Standard),
Munich, Stuttgart; Regulated Unofficial Market in Dusseldorf,
Hamburg, Hanover; Terminbörse EUREX

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