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News of  December 12, 2001

Porsche's growth continues

New record sales, turnover and profit levels

Boxster

Photo: Porsche

Stuttgart - Dr. Ing. h.c. F. Porsche AG achieved new record values for the most important business indicators in its 2000/01 fiscal year, which ended on July 31. Group turnover rose by 21.8 percent to 4.44 billion Euro (8.69 billion German Marks), mainly due to the higher volume of vehicle sales. The pre-tax result - despite a further increase in development costs for the sports car model lines and the Cayenne SUV - went up to 592.4 million Euro (1.16 billion Marks), 36.5 percent more than the previous year (433.8 million Euro). The annual surplus (result after tax) for the Group was 270.5 million Euro, following 210.0 million Euro the year before. At 17.20 Euro, profit per share also clearly exceeded last year's value, after adjustment for share splitting, of 13.70 Euro.

Increased sales due to strong demand worldwide

Demand for the 911 and Boxster was extremely strong all over the world. 54,586 Porsche sports cars were delivered to the sales organization; 11.9 percent more than in the previous year (48,797). 911 sales growth was particularly marked: at 26,721 units, 911 sales surpassed the previous year's level (23,050) by 15.9 percent. This was due largely to the huge market success of the Turbo, which exceeded expectations with sales of 5,285 cars in its first full year. At 27,865 units, sales of the Boxster model line went up by 8.2 percent; the Boxster S, with 12,960 units, accounted for a 46.5 percent share of this figure.

Sales in Germany rose - contrary to the general market trend - by 5.5 percent to 12,401 vehicles, whilst in North America sales grew by 9.1 percent to 25,412 vehicles. On export markets other than North America, 16,773 vehicles were sold - 22 percent more than in the previous year.

Production reaches a new peak

Porsche manufactured a total of 55,782 vehicles, 14.3 percent more than the previous year (48,815). This was only made possible by increased Boxster production in Finland. Including the 23,294 vehicles assembled there (previous year: 16,803), 28,457 Boxster and Boxster S cars were built altogether, in addition to 27,325 from the 911 model program.

Growth creates jobs

As the company's sales and turnover grew, so did the number of employees in the Group - to a total of 9,752, representing an increase of 4.6 percent. Preparations for production of the Porsche Cayenne necessitated additional personnel both at the new factory in Leipzig and at the main plant in Zuffenhausen, where the engine is to be produced. The vehicle sales subsidiaries and the contract development area also recruited additional staff.

70 percent higher dividends for shareholders

In view of the successful pattern of business, a proposal will be submitted to the Shareholders' Annual General Meeting on January 18, 2002 that a dividend of 2.54 Euro per no par-value share be distributed to holders of common stock and 2.60 Euro to holders of preferred stock for the 2000/01 fiscal year. The sum allocated to the payment of these dividends (45 million Euro) is 70 percent higher than last year's figure of 26.4 million Euro. For the 1999/00 fiscal year, common stock holders received a dividend of 1.48 Euro and preferred stock holders a dividend of 1.53 Euro (after adjustment for share splitting). Following the allocation of 134 million Euro as already agreed, the general meeting will be asked to approve a further allocation of 89 million Euro to retained income.

Continued success in the current fiscal year

Porsche has remained on a successful course in the fiscal year now in progress. Group turnover in the first four months (August through November 2001), based on preliminary figures, rose by 6.3 percent to some 1.18 billion Euro compared with the same period last year. Sales increased by one percent to 14,615 units, with the 911 model line enjoying particularly dynamic growth of 5.7 percent to 7,954 units. A total of 16,286 cars have so far been produced, 3.3 percent more than in the same period last year.

Demand for both the 911 and Boxster - but especially the new 911 - is strong worldwide.

Even if on account of the uncertain global economic situation Porsche does not succeed in equaling the previous year's vehicle sales volume, the results will profit from the improved model mix with greater emphasis on higher-value sports cars, and also from a higher level of foreign-exchange hedging, in particular against the US dollar.

(December 05, 2001)

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