Porsche reported a profit tax of 601 million euro during the first quarter, achieved mainly through investments.
As of March 31st Porsche Group’s net liquidity increased to 2.9 billion euro from 2.56 billion euro as of December 31st 2012. This figure is due to the tax refunds, but it does not include yet the 386-million-euro net dividend for the fiscal year 2012 which Porsche paid to VW in April this year, nor the 615-million-euro dividend approved on April 30th at the annual general meeting of Porsche.
On the legal side, earlier this month Porsche was sued in Germany by 25 other hedge funds, besides the existing ones seeking 4 billion euro due to the automaker’s aborted VW takeover. Among the plaintiffs are David Einhorn’s Greenlight Capital, Glenhill Capital LP and Viking Global Equities LP, seeking a combined 1.4 billion euro, according to Bernhard Schabel, a spokesman for the Stuttgart Regional Court.
“We see the risk as basically unchanged,” said Frank Biller, a Stuttgart-based analyst at LBBW who recommends buying Porsche stock. “We have anticipated a 5 billion-euro discount on the stock and don’t see any reason to change that amount now because of the suit.”