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Porsche AG turns in record performance in 2011

Stuttgart. Dr. Ing. h.c. F. Porsche AG, Stuttgart, concluded the 2011 financial year with a new record in sales, revenue and operating profit. The sports car manufacturer is continuing its growth trajectory with the youngest and most efficient model range of all time and is focussing systematically on the goals set under “Strategy 2018”.

In sales terms, Porsche grew by 21 per cent to 116,978 units worldwide in the past fiscal year. Revenue was 10.9 billion euro, or an increase of 18 per cent compared with the same period the year before, the calendar year 2010. Operating profit reached 2.05 billion euro on the back of 1.67 billion euro in 2010. That represents an increase of 22 per cent compared with the previous year’s performance and an operating return on sales of 18.7 per cent. Compared with the same period last year, the sports car manufacturer succeeded in boosting cash flow by 17 per cent to 2.4 billion euro.

“For Porsche, 2011 was the most successful fiscal year in the company’s history, not just for sales but for revenue and operating profit as well,” said Matthias Müller, President and Chief Executive of Porsche AG. “Once again we are setting standards in the sports car segment with our brand new model range; our international customers appreciate this. Last year, the strong demand enabled us to further consolidate our position as one of the most profitable car manufacturers in the world.”

Lutz Meschke, Porsche AG’s Chief Financial Officer, highlighted the quality of the sports car manufacturer’s earnings: “Porsche managed to increase the operating return on sales and cash flow yet again in the 2011 fiscal year. These results create a solid platform for our growth strategy. An important plank of “Strategy 2018” is the complete elimination of indebtedness in the vehicle business. We are planning healthy growth.”

Porsche has set itself ambitious business targets with “Strategy 2018”: with an operating return on sales of at least 15 per cent, Porsche is set to remain one of the most profitable car manufacturers in the world. Porsche thrills its customers with outstanding products and a unique purchase and ownership experience. Moreover, Porsche is an excellent employer and a fair and reliable partner for all stakeholders. Porsche intends to boost sales to approximately 200,000 vehicles by 2018. To that end, Porsche is investing in rejuvenating and expanding its entire model range. In 2011, the new edition of the Porsche 911 got the process underway. This will be followed in 2012 with the all-new Boxster and Cayman. The introduction of the Macan SUV, to be built in the Leipzig plant, is to provide an additional impetus from 2014 onwards.

Last year, Porsche delivered 118,868 units of its 911, Boxster/Cayman, Cayenne and Panamera product lines worldwide. Compared with the same period last year this equated to growth of 22 per cent, attributable primarily to increased demand in China, the USA, Russia and the domestic German market. Between January and December, Porsche produced 127,793 vehicles. That represents an increase of 34 per cent compared with the same period last year. At the Leipzig plant alone, which turns out the Panamera sports saloon as well as the Cayenne, output last year was increased by almost half and will be further boosted in January 2012 with the introduction of a third shift.

The growth in sales has enabled Porsche to create more jobs. Numbering 15,307 employees on 31 December 2011, the workforce was 16 per cent bigger than at the end of 2010. It is planned to increase to approximately 20,000 by 2018. With effect from 1 January 2011, the Porsche AG group companies have brought the fiscal year, which previously ran from 1 August to 31 July of the following year, into line with the calendar year. A short fiscal year was created for the period from 1 August
to 31 December 2010. The 2011 fiscal year is the first one to coincide with the calendar year.

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3/13/2012