Porsche enjoys continued growthNew record figures posted in sales, turnover and earnings for fiscal year 2004/05
Stuttgart. Dr. Ing. h.c. F. Porsche AG of Stuttgart, Germany, enjoyed continued growth in fiscal year 2004/05 (to July 31). Although the automobile markets have not yet fully recovered, the manufacturer of sporty premium vehicles once again succeeded in selling more vehicles and in posting record results in terms of key operating figures. Group turnover rose by 6.9 per cent to 6.57 billion Euros. Pre-tax results increased by 8.9 per cent to 1.238 billion Euros. The Group’s surplus (after-tax result) grew by 12.9 per cent to 779 million Euros. The result per common-stock share rose to 44.68 Euros in fiscal year 2004/05 (previous year: 39.63 Euros) and to 44.74 Euros per preferred-stock share, compared to 39.69 Euros the previous year.
Dividend increases significantly
The further-improved results will also benefit Porsche shareholders. The shareholders’ general meeting in Stuttgart on January 27, 2006 will be recommended to pay common-stock shareholders a dividend of 4.94 Euros per share for the 2004/05 fiscal year (previous year: 3.94 Euros) and a dividend of five Euros to preferred-stock shareholders (previous year: four Euros). The sum to be distributed as dividends has thus increased significantly by 25.2 per cent to 87 million Euros.
Porsche Group’s liquidity increased by 18.1 per cent to 3.63 billion Euros during fiscal year 2004/05. Excluding borrowings and not including the financial services business, liquid assets rose to 2.36 billion Euros (an increase of 26 per cent). Liquidity will fall temporarily owing to Porsche’s new participation in Volkswagen AG during the current fiscal year 2005/06. However, high profitability and a persistently strong cash flow will ensure that Porsche will again enjoy respectable net liquidity in the near future.
More vehicles sold worldwide
Group sales increased by 15 per cent to 88,379 vehicles in the last fiscal year 2004/05. This growth was driven by the new sports car generations. 27,826 units of the 911 were sold (an increase of 17.4 per cent), while sales of the Boxster totaled 18,009 (an increase of 38.7 per cent). Demand for the Cayenne remained high in its third year on the market, with sales rising by 4.9 per cent to 41,884 units, making the sporty all-terrain vehicle Porsche’s best-selling model. The high-performance sports car, the Carrera GT, sold 660 units (previous year: 222 units).
Production at a record high
Including the 15,892 Boxster models assembled in Finland, a total of 90,954 vehicles were built (an increase of 11.6 per cent). Production of 911 models totaled 28,619 units (up 7.4 per cent) and of the Boxster series 20,321 vehicles (up 35.8 per cent). Cayenne production rose slightly by 0.4 per cent to 41,299 units. A total of 715 Carrera GT were built (previous year: 270 units).
Increase in personnel
Contrary to general trends, Porsche Group increased its workforce by 1.8 per cent to 11,878 during fiscal year 2004/05. New jobs were created primarily in customer services and at foreign subsidiaries. Totaling 7,995 employees, the workforce of Porsche AG remained almost consistent with that of the previous year (7,992 employees).
A promising start to the current fiscal year
Porsche perpetuated its success during the first four months of the current fiscal year 2005/06. According to preliminary figures, during the period August 1 to November 30, 2005, Group turnover rose by 6.7 per cent to 2.02 billion Euros compared to the same period in fiscal year 2004/05. Group sales increased by 8.5 per cent to 25,635 vehicles. Sports cars once again fueled the growth. Sales of the 911 grew by 11.4 per cent to 9,439 units. The Boxster, including the first sales of the Cayman S, also enjoyed strong growth, posting an increase of 179.4 per cent to 4,998 vehicles. A total of 10,974 Cayenne were sold, 16.7 per cent less than in the first four months of the previous year. The Carrera GT sold 224 units (previous year: 195 vehicles). Overall, production rose by 11.1 per cent to 29,895 units during the first four months of the current fiscal year.
Irrespective of economic uncertainty, Porsche is confident as far as the outlook for the remainder of fiscal year 2005/06 is concerned. The range of models is the youngest in the history of the company, and all three model series are enjoying brisk demand. The generational transition in the 911 series continued in October with four new allwheel variants of the 911 Carrera. Porsche’s aim for the new Cayman S, a two-seater coupé with a central engine, is not only to close the existing gap between the Boxster S and the 911 Carrera Coupé, but also to extend its customer base in the classic sports car segment to lasting effect. On the basis of the further-enhanced breadth and attractiveness of its product range, and also of the progressive development of new markets, particularly in Asia, the company is again anticipating growth during the current fiscal year.