Porsche SE (PSHG_p.DE), opens new tab, Volkswagen's (VOWG_p.DE), opens new tab largest shareholder, expects a 2024 loss after tax of around 20 billion euros ($21.7 billion), it said on Friday, citing previously disclosed impairments on its holding in Europe's top carmaker.

The impairments, first announced in December, reflect a substantial loss in both Volkswagen's and Porsche AG's (P911_p.DE), opens new tab market value. Porsche SE owns 31.9% of Volkswagen and 12.5% of Porsche AG.

Porsche SE withdrew its outlook for after-tax profit at the time, when Volkswagen was still engaged in a major conflict with unions over plant closures and pay, all weighing on the company's annual planning.