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Porsche 9-month Group Profit Up 25%; Lowers FY18 Profit Outlook - Quick Facts

Porsche Automobil Holding SE (POAHY.PK,POAHF.PK) reported Tuesday that it generated group profit of 2.67 billion euros in the nine months ended 30 September 2018, up about 25 percent from 2.14 billion euros in the prior year.

The company said the group profit was significantly influenced by the profit from the investment accounted for at equity in Volkswagen AG, of 2.74 billion euros, compared to 2.20 billion euros last year.

The net liquidity amounted to 961 million euros as of 30 September 2018, compared to 937 million euros as of the end of 2017.

Based on the current expectations, Porsche SE now expects a group profit for the fiscal year 2018 of between 2.5 billion euros and 3.5 billion euros. Earlier, the company forecast a group profit between 3.4 billion euros and 4.4 billion euros.

Taking into account the special items at the level of Volkswagen Group in connection with the diesel issue as well as emerging time lags regarding tax compensation claims against Volkswagen AG, the previously communicated guidance for the Porsche SE Group's result for the period was adjusted in October 2018.

However, the company still aims to achieve positive net liquidity in the region of 0.7 billion euro to 1.2 billion euro as of 31 December 2018, not taking future investments into account.

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