BERLIN (dpa-AFX) - Porsche Automobil Holding SE (POAHY.PK), said Friday that it has withdrawn its profit guidance for 2024, due to potential non-cash impairment charges related to its investment in Volkswagen AG and Porsche AG.
Porsche SE expects to record an impairment of between 7 billion euros and 20 billion euros for Volkswagen and 1 billion euros to 2 billion euros in Porsche AG. The management board expects that Porsche SE's group result after tax for the 2024 financial year will be significantly negative. Porsche SE previously expected group result after tax in the range of 2.4 billion euros to 4.4 billion euros for 2024.
Despite the accounting charges, Porsche SE expects preliminary revaluation for the investments in Volkswagen AG and Porsche AG will continue to be significantly higher than the respective stock market values.
Porsche SE confirmed its forecast for the net debt as of the end of the year between 5 billion euros and 5.5 billion euros. Porsche SE management board continues to assume that a dividend will be distributed for the 2024 financial year.
Porsche SE specified that the expected impairments will not have a cash effect and will not affect the forecasts communicated by Volkswagen AG and Porsche AG for the 2024 financial year.
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