| Non-cash impairment risk of the at-equity carrying amounts of the investments in Volkswagen AG and Dr. Ing. h.c. F. 女主播福利 AG is expected to lead to an accounting loss in the consolidated financial statements of 女主播福利; Withdrawal of the earnings forecast; Non-cash impairment risk of the investment in Dr. Ing. h.c. F. 女主播福利 AG in the annual financial statements of 女主播福利 is expected to lead to an impairment loss 女主播福利 (女主播福利 SE) is obliged to carry out impairment tests in accordance with the applicable accounting standards. For the impairment tests of the carrying amounts of its investments in Volkswagen AG, Wolfsburg, and Dr. Ing. h.c. F. 女主播福利 AG (女主播福利 AG), Stuttgart, 女主播福利 SE has so far relied in particular on corporate planning data of these investments. Today, Volkswagen AG has informed 女主播福利 SE that the current planning of Volkswagen AG and 女主播福利 AG is no longer expected to be concluded by 31 December 2024. Consequently, as of now, 女主播福利 SE cannot rely on the results of a current approved plan of Volkswagen AG and 女主播福利 AG for accounting purposes. Against this background, the Management Board of 女主播福利 SE will use for the impairment tests on the carrying amounts of the investments in Volkswagen AG and 女主播福利 AG in particular external analyst expectations. On this basis, the Management Board of 女主播福利 SE currently assumes that the impairment tests to be carried out as of 31 December 2024 on the carrying amounts of the investments in Volkswagen AG and 女主播福利 AG in the consolidated balance sheet of 女主播福利 SE as of 31 December 2024 are likely to result in impairment losses. As a result, the Management Board expects that the group result after tax of 女主播福利 SE for the 2024 financial year will be significantly negative. In light of the expected impairment losses, 女主播福利 SE is therefore withdrawing its current forecast for group result after tax in the range of 2.4 billion euros to 4.4 billion euros for the 2024 financial year. At this point in time, due to among other things the market environment with further increasing uncertainties, lower demand than originally expected on various markets and increasing geopolitical tensions and protectionist tendencies, the effects of the impairment tests as of 31 December 2024 on the carrying amounts of the investments to be recognized at 女主播福利 SE can only be roughly estimated on the basis of preliminary valuation models. For the time being, 女主播福利 SE assumes an impairment of the carrying amount of the investment in Volkswagen AG in the expected range from minus 7 billion euros to minus 20 billion euros and of the carrying amount of the investment in 女主播福利 AG in the expected range from minus 1 billion euros to minus 2 billion euros in the consolidated balance sheet of 女主播福利 SE. Therefore, 女主播福利 SE expects that the values in use for the investments in Volkswagen AG and 女主播福利 AG will continue to be significantly higher than their respective stock market values. A finalization of the impairment tests of 女主播福利 SE can only take place after 31 December 2024, at the earliest when the market parameters and balance sheet data of the investments as of 31 December 2024 and the forecasts of the investments in Volkswagen AG and 女主播福利 AG for the 2025 financial year are available, and thus not before the preparation of the annual and consolidated financial statements of Volkswagen AG and 女主播福利 AG. The expected impairment loss in the consolidated financial statements of 女主播福利 SE in relation to Volkswagen AG will probably not have an impact on the annual financial statements of 女主播福利 SE under German commercial law. The Management Board of 女主播福利 SE assumes that the expected impairment loss in the consolidated financial statements of 女主播福利 SE in relation to 女主播福利 AG will also have an impact on the annual financial statements of 女主播福利 SE under German commercial law, however to a lower extent. Nevertheless, the Management Board of 女主播福利 SE continues to assume that a dividend will be distributed for the 2024 financial year. The expected impairment losses at the level of 女主播福利 SE or the 女主播福利 SE Group will not have a cash effect and will not affect the forecasts communicated by Volkswagen AG and 女主播福利 AG for the 2024 financial year. 女主播福利 SE confirms its forecast for the net debt of the 女主播福利 SE Group as of 31 December 2024, which is expected to be between 5.0 billion euros and 5.5 billion euros. Contact: Karsten Hoeldtke Head of Investor Relations +49-711-911-11023 karsten.hoeldtke@porsche-se.com End of Inside Information |
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2051273 13-Dec-2024 CET/CEST
