Porsche Automobil Holding SE, Stuttgart (“Porsche SE”), received amended tax assessment notices for the assessment period 2009 as a result of a preliminary decision of the tax authorities. These will lead to an estimated tax refund of about 280 million euro including interest. The assessment notices are subject to review by the tax field audit for 2009. As part of the refund will be made based on new trade tax assessment notices, the exact timing of the cash inflows is uncertain and thus the amount of interest. On account of this refund, net liquidity will rise accordingly as of year-end
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