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Porsche SE (PORSCH NR): Impairment

AUTOMOTIVE
Credit BulletsCEEMEAEurozoneGermanyStory

No credit impact expected.

  • The Holdco entity has flagged that the value of its equity investments in Volkswagen and Porsche will be impaired at FY24.
  • This will be a non-cash adjustment. An impairment test will be triggered by accounting rules; business plans from the Opcos will not be available by year end, presumably due to the ongoing labour negotiations.
  • FY24 net debt forecast confirmed at €5-5.5bn.
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No credit impact expected.

  • The Holdco entity has flagged that the value of its equity investments in Volkswagen and Porsche will be impaired at FY24.
  • This will be a non-cash adjustment. An impairment test will be triggered by accounting rules; business plans from the Opcos will not be available by year end, presumably due to the ongoing labour negotiations.
  • FY24 net debt forecast confirmed at €5-5.5bn.