Porsche achieves operating profit of more than one billion euro
In the first half of 2011, Dr. Ing. h.c. F. Porsche AG, Stuttgart, further improved the company’s earnings, generating an operating profit of 1.07 billion euro. This compares with 675 million euro in the corresponding period of 2010. Compared with the corresponding period of 2010, revenue in the first six months of the current fiscal year increased by 18.9 per cent to reach 5.22 billion euro. Sales increased by 26.3 per cent to 56,272 vehicles. Customer deliveries rose 36.8 per cent to 60,659 vehicles. Matthias Mueller, the Chairman of the Board of Management, explained the strong growth: “Thanks to its very attractive model offering, Porsche AG is able to benefit from the global high demand for sports cars in the premium segment”. The Porsche AG CEO confirmed that the company is aiming to set a new sales record of more than 100,000 vehicles in the 2011 fiscal year.
Lutz Meschke, Porsche AG’s Chief Financial Officer, emphasised the high liquidity inflow in the first half of 2011. “We were able to finance all investments from our cash flow”, said Meschke. “This is attributable to our high earnings and Porsche AG’s very healthy cost structure. Future vehicle projects are also expected to be financed using our cash flow”, he emphasised. With an eye to the full 2011 fiscal year, Porsche AG’s Chief Financial Officer said that the target of achieving high operating return on sales was expected to continue unchanged. “This underlines our aspiration to remain one of the most profitable car manufacturers in the world.”
The 26.3 per cent increase in the first half of the year sales illustrates the Cayenne’s major market success. With 28,405 vehicles sold, the model series managed to more than double its sales between January and June 2011 compared with the corresponding period of 2010. And with almost 2,000 units of the Cayenne S Hybrid vehicle sold, Porsche AG outsold its competitors in the large hybrid drive SUV segment. The Panamera achieved sales of 11,567 vehicles (down 3.2 per cent). In August 2011, Porsche AG will be extending its offering in this model series with the Panamera Diesel. Sports car sales remained at a high level despite an impending model change. Out of a total of 16,300 vehicles sold (down 12.1 per cent), 10,101 vehicles were accounted for by the 911, 3,860 by the Boxster, and 2,339 by the Cayman.
Porsche AG managed to grow in every important region in the first half of the year. The increase in sales was strongest in China, which posted growth of 47.1 per cent compared with the corresponding period of 2010, to reach 11,712 vehicles. Total sales in the Asia/Rest of the World region rose by 43.7 per cent to 20,400 vehicles. Growth in Europe reached 10.5 per cent; of the 18,853 vehicles sold, 6,734 units were accounted for by the German market (up 0.9 per cent). Compared with the corresponding period of 2010, sales in America increased by 27.9 per cent to 17,019 vehicles, with North America alone accounting for 15,466 units (up 25.1 per cent).
64,951 vehicles were produced (up 45.8 per cent) of which 31,661 units were accounted for by the Cayenne, 13,933 vehicles by the Panamera and 19,357 units by the sports cars. Employee numbers were slightly up: 13,908 employees on 30 June 2011 meant an increase of 5.7 per cent compared with 31 December 2010