Porsche SE reports substantial growth of group profit for the first half of 2013 image

Porsche Automobil Holding SE (Porsche SE) has just turned in the results for the first half of the current fiscal year 2013, and things are looking good for the majority stakeholder of Volkswagen group.

The Stuttgart based company announced today a group profit after tax of 1.47 billion euro. For comparison, the corresponding figure for the same period of last year was 1.16 billion euro. The reason behind this increase in the group profit results from profit/loss for investments accounted at equity of 1.49 billion euro, which in the reporting period comprises only the profit contribution of the Volkswagen group attributable to Porsche SE. If the contribution of the Porsche Holding Stuttgart GmbH group attributable to Porsche SE is also taken into account, the profit/loss from investments accounted for at equity of 2.6 billion euro. Expenses from the group profit totaled 1.4 billion euro for this time period (due to valuation effects of the put and call options relating to the remaining shares in Porsche Holding Stuttgart GmbH held by Porsche SE).

Comparing the same period of last year with 2013, the financial result improved, from minus 26 million euro to plus 5 million euro. Also, net liquidity (cash) improved slightly from 2.56 billion euro as of 31 December 2012 to 2.65 billion euro as of 30 June 2013. This is due to a net dividend of 386 million euro received from Volkswagen AG, tax refunds totaling 326 million euro and a cash overflow of 615 million euro from the distribution of the dividend for the fiscal year 2012 to the shareholders of Porsche SE.

Foreseeing the rest of the 2013 fiscal year, Porsche SE officials anticipated the group profit would be highly dependent on the profit/loss of the Volkswagen group, with the expectation for a low single-digit billion-euro group profit after tax.