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Porsche refutes B&D Forecast profitability calculation One-off and extraordinary effects result in distorted figure

Stuttgart. Dr. Ing. h.c. F. Porsche AG, Stuttgart, refutes the calculation of the B&D-Forecast forecast institute as unserious. In a study the institute asserts that with each of the 96,794 sports cars Porsche sold in the 2005/2006 financial year, Porsche earned an average of €21,799 Euros. The calculation is misleading because it does not take into account the extensive one-off and extraordinary effects which impacted the pre-tax result of the Porsche Group in the 2005/06 financial year and which have nothing to do with the original Porsche business.

Thus €203 million Euros of the pre-tax result comes from the participation in Volkswagen AG. This figure is largely purely an accounting one, which Porsche must include in its statement of earnings, even though not a single Euro flows to the sports car manufacturer. What is more, income from hedging transactions in connection with the VW participation resulted in a considerable three-figure amount in millions. This equally had just as little with
the actual vehicle business. Furthermore, with the disposal of
CTS Fahrzeug-Dachsysteme GmbH, the sports car manufacturer realized a book profit of €80.7 million Euros. This amount also cannot be allocated to the vehicle business.

From the Porsche perspective, it is thus not serious to include the above special effects in the calculation basis for profitability per vehicle.

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1/22/2007