Porsche Automobil Holding SE: Non-cash effective, expected impairment of the at-equity carrying amounts of the investments in Volkswagen AG and Porsche AG; withdrawal of earnings forecast

EQS-Ad-hoc: Porsche Automobil Holding SE / Key word(s): Forecast Porsche Automobil Holding SE: Non-cash effective, expected impairment of the at-equity carrying amounts of the investments in Volkswagen AG and Porsche AG; withdrawal of earnings forecast 13-Dec-2024 / 18:53 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.

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Non-cash impairment risk of the at-equity carrying amounts of the investments in Volkswagen AG and Dr. Ing. h.c. F. Porsche AG is expected to lead to an accounting loss in the consolidated financial statements of Porsche Automobil Holding SE;
Withdrawal of the earnings forecast;
Non-cash impairment risk of the investment in Dr. Ing. h.c. F. Porsche AG in the annual financial statements of Porsche Automobil Holding SE is expected to lead to an impairment loss

Porsche Automobil Holding SE (Porsche 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. Porsche AG (Porsche AG), Stuttgart, Porsche SE has so far relied in particular on corporate planning data of these investments.

Today, Volkswagen AG has informed Porsche SE that the current planning of Volkswagen AG and Porsche AG is no longer expected to be concluded by 31 December 2024. Consequently, as of now, Porsche SE cannot rely on the results of a current approved plan of Volkswagen AG and Porsche AG for accounting purposes.

Against this background, the Management Board of Porsche SE will use for the impairment tests on the carrying amounts of the investments in Volkswagen AG and Porsche AG in particular external analyst expectations. On this basis, the Management Board of Porsche 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 Porsche AG in the consolidated balance sheet of Porsche SE as of 31 December 2024 are likely to result in impairment losses.