Porsche AG on Profitable Growth Track

Porsche AG profited in the first three months of 2010.

Porsche AG profited in the first three months of 2010. At 21,218 vehicles, its sales were up 86.4 percent, although it was relatively weaker compared to prior-year quarter. It recorded revenues that amounted to 2.06 billion euro, 80.3 percent up on the comparative period of the past fiscal year.

“We can be satisfied with the key indicators of the first three months,” said Matthias Muller, chairman of the executive board of Porsche AG. “Porsche AG is continuing on a profitable growth course.”

Porsche AG remains optimistic this year. “Due to the order intake worldwide in the past few months, we expect a good double-digit return on sales in the short fiscal year from August to December 2010” , says Lutz Meschke, member of Porsche AG’s executive board in charge of finance and procurement. “With this current order situation, we also anticipate a good start to the new fiscal year 2011.”

The new Cayenne, which sold 10,292 units, is proof that sales figures for the individual model series have been very successful since its market launch in May 2010. It showed a record growth rate of 151 percent. The new Panamera is also playing a significant role in Porsche’s success, which sold 5,778 units. Panamera’s performance is attributed to its being limited worldwide and its six-cylinder model was not out in the market until May 2010. Other Porsche models such as the Boxster and Cayman vehicles are performing very well in terms of market sales.

Porsche AG is also performing well in Europe. Sales during the first three months of the short fiscal year recorded a 63 percent rise. This rise is attributed to the German market. In Leipzig, 12,699 units of the Cayenne series were built, 55.6 percent more vehicles than in the previous year.

However, Porsche AG is much stronger in the Americas where sales rose by 82 percent selling 7,268 cars and another 6,632 units were sold in North America.

In Asia and the rest of the world, unit sales grew by 126 percent to 6,868 vehicles. This development is driven by strong growth in China.

Backed by this sales growth, Porsche has created new jobs. As of 31 October 2010, the headcount at the group of 13,043 employees was up 2.5 percent on the figure seen as of 31 July 2010 (12,722 employees). In addition, at the end of October 2010 every employee who had joined Porsche AG before 1 August 2009 was paid a voluntary special payment of 2,100 euro for the past fiscal year 2009/10.