Porsche Automobil Holding SE Withdraws Earnings Forecast for 2024
Porsche Automobil Holding SE (ETR: PSHG_p) announced on Friday that it is retracting its earnings forecast for the 2024 financial year. The company anticipates non-cash impairment losses on its investments in Volkswagen AG (OTC: VWAGY) and Porsche AG.
Impairment Losses
The impairments are estimated to be between €7 billion and €20 billion for Volkswagen (ETR: VOWG_p) and between €1 billion and €2 billion for Porsche AG.
Debt Forecast
Despite these losses, Porsche confirmed its net debt forecast for the end of 2024, estimating it to be between €5.0 billion and €5.5 billion.
Negative Group Result Expected
The Board of Management stated that Porsche SE expects a significantly negative group result after tax for the 2024 financial year. The projected range was previously set between €2.4 billion and €4.4 billion.
Importantly, the expected impairments will not have a cash effect and will not influence the 2024 forecasts communicated by Volkswagen AG and Porsche AG.
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