German sportscar maker Porsche Automobile Holding SE (PAH3.XE) said Friday its net liquidity has improved significantly following the successful completion of its capital increase.

MAIN FACTS:

-As of the reporting date for the first three months of the fiscal year 2011 (31 March 2011), net liquidity was still -EUR6.7 billion.

-In April 2011, the capital increase produced issue proceeds of some EUR4.9 billion at Porsche SE, which was fully utilized to repay liabilities to banks.

-As a result, net liquidity is -EUR1.8 billion before the expected inflow of dividends from the investments.

-As a result of the repayment of liabilities to banks, the future interest expenses of Porsche SE will decrease significantly

-First-quarter profit after tax came in at EUR691 million, mainly due to the very good development of its investments at Porsche and Volkswagen AG (VOW.XE).

-Profits from investments accounted for at equity were EUR606 million in the first three months.

 
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500
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