Massive increase in Porsche profits 1999-2000

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Porsche : Fiscal year 2003/2004 results

In the 2003/04 fiscal year, which ended on July 31, 2004, Dr. Ing. h.c. F. Porsche AG of Stuttgart, Germany not only succeeded in substantially increasing its sales and turnover but turned in new record profits as well. At the opening of the Paris Motor Show, Porsche’s CEO Dr. Wendelin Wiedeking confirmed this: “Our pre-tax profit will exceed the one billion-threshold – thanks to our consistent growth course, strict cost discipline and continuous increases in efficiency. However, profit details will not be released until the figure has been determined by the Supervisory Board in November 2004.”

According to preliminary figures, the Porsche Group’s turnover went up by 13.9 percent to a total of approximately 6.35 billion Euro (5.58 billion Euro in the previous year). Porsche’s sales increased by 15 percent to a total of 76,827 units (66,803 in the previous year). This is primarily due to the outstanding success of the Cayenne: In the fiscal year Porsche sold 39,913 units of its SUV, almost twice the previous year’s figure (20,603), when this new model line was being introduced successively to international markets. On the other hand, for life-cycle reasons, sales of Porsche sports cars went down by 20.6 percent to 36,692 units (previous year: 46,200 units).

Of the 911 series, 23,704 units were sold, 14.7 percent fewer than in the previous year (27,789 units). With 12,988 units sold, the Boxster series recorded a 29.5 percent drop in sales. The Carrera GT high-performance sports car sold 222 units during its first year in the market.

Production rose by 11.3 percent compared to the previous year (73,284 units), to 81,531 units. That the number of cars manufactured substantially exceeded the sales volume is explained by the numerous new-generation 911s built in advance for the worldwide market launch at the end of the fiscal year. Production of the 911 went down by 9.9 percent to 26,650 units, compared with 29,571 units in the previous year, while production of the Boxster model line went down by 28.3 percent to 13,462 units compared to 18,788 units in the previous year. Of this total, 8,862 units (previous year: 18,031) were built in Finland. Our Leipzig plant produced 41,149 Cayenne and 270 Carrera GT models.

Despite uncertainties in the global economy, Porsche is definitely optimistic in its outlook for the 2004/05 fiscal year. Demand for the two new 911 models that were launched in July this year is very high. The new Boxster generation celebrates its world premiere at the Paris Motor Show and will go on sale from November 27 on. This totally revised mid-engined sports car will offer even greater driving pleasure at a significantly improved price/performance ratio. Demand for the Cayenne model line is expected to receive a further positive impulse from the extended individualization program also presented at the Paris Motor Show. From December 2004 on, the Cayenne Turbo will be available with the power output boosted to 368 kW (500 hp). Other novelties include a new panorama roof system – available on all models in this line – with an opening area four times larger than the regular sliding roof and a choice of many different roof positions. A reversing camera is also available.

(July 30, 2004)

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