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Porsche : Fiscal year 2001/2002
At 27.80 Euro, earnings per share also clearly exceeded last year's figure of 17.20 Euro. Strong international demand for 911 models Group sales of Porsche sports cars, at 54,234 units, reached a total only 0.6 percent below the previous year's record figure of 54,586 units. This slight drop was due to a decrease in demand for the Boxster. In anticipation of the model update, worldwide Boxster sales went down by 21.4 percent to 21,897 units. However, the sales success of the 911 model line, which was revised at the beginning of the review year, largely compensated for this shortfall. At 32,337 units, 911 sales exceeded the previous year's total (26,721 units) by 21 percent and reached a new record level. The new 911 model versions introduced in December 2001 made a significant contribution to this result: 4,518 Carrera 4S and 2,470 Targa cars were sold. At 5,737 units, the Turbo exceeded the already high figure achieved in the previous year (5,285 units) again, by 8.6 percent. Sales of the GT2, introduced in May 2001, reached 690 units in its first full sales year. In North America, Porsche sold 23,108 sports cars, 9.1 percent fewer than in the previous year (25,545 cars). Here again weaker Boxster sales influenced the result, whereas the 911 was able to increase its sales by 14.4 percent. On export markets other than North America, the results were altogether extremely positive, with 18,301 vehicles sold, 9.1 percent more than in the previous year. In Germany, Porsche ran counter to the general market trend by recording a 3.4 percent increase in sales to 12,825 cars; here again the 911, of which 8,709 were sold, clearly accounted for the lion's share. Production remains at a high level It proved possible to keep sports car production at almost the level reached in the previous year. Including the 20,337 Boxster and Boxster S cars assembled in Finland, Porsche produced a total of 55,050 vehicles, 1.3 percent fewer than in the previous year (55,782 vehicles). Despite the start of production for the latest generation of Boxsters and the sharp rise in the proportion of cars with higher value, output from the main plant in Zuffenhausen reached the new record figure of 34,713 units, distinctly more than in the previous year (32,488 units). This was achieved by further progress in increasing productivity and process sequences, and by working several additional shifts. Larger workforce The company's growth course has again created many new jobs. At the end of the review year, the Porsche Group employed 10,143 people, a 3.9 percent increase compared with the previous year (9,752 employees). 8,000 of these were on the Porsche AG payroll. Additional personnel was above all recruited in connection with the Cayenne by Porsche Leipzig GmbH and by the company's Purchasing Department. The start of engine production for the Cayenne made it necessary to take on new employees in Production at the Zuffenhausen plant. Expansion of worldwide sales activities and the establishment of the new Porsche Asia/Pacific regional office also increased the demand for staff at our subsidiaries abroad. Higher basic dividends and once-only special dividends It was considered that in view of the positive business pattern in the 2001/02 fiscal year, shareholders should not only receive a higher basic dividend but also share in this success in the form of a once-only special dividend. A proposal will therefore be submitted to the Shareholders' Annual General Meeting on January 24, 2003 that a dividend of 2.94 Euro (previous year: 2.54 Euro) plus a special dividend of 14 Euro should be distributed to holders of common stock, and a basic dividend of 3.00 Euro (previous year: 2.60 Euro) plus a special dividend of 14 Euro to holders of preferred stock, in each case per no par-value share. The sum allocated for the payment of the basic dividends (51.975 million Euro) is 15.6 percent higher than last year's figure of approximately 45 million Euro, to which must be added the sum of 245 million Euro for the special dividends. It is proposed to allocate a total of 221 million Euro to retained income. Good prospects for the current fiscal year The positive pattern of business has been maintained in the first four months of the current fiscal year. From August 1 through November 30, 2002, according to preliminary figures, Group turnover rose by 3.1 percent compared with the same period last year, to 1.31 billion Euro. Sales increased by 0.1 percent to 14,717 units, thereof 8,380 units of the 911 model line (plus 4.3 percent), 6,010 units of the Boxster model line (minus 9.8 percent) and already 327 Cayennes for the dealer presentation. A total of 16,928 cars have so far been produced, 3.9 percent more than in the same period last year, thereof 797 Cayennes. Porsche takes a confident view of the 2002/03 fiscal year as a whole. Demand for the Boxster continues to be encouraging all over the world, so that this model line should achieve production and sales levels at least equal to the previous year's figures. Porsche does not expect, however, to obtain the same exceptionally good results with the 911 model line as in the previous fiscal year (32,337 units). The Cayenne will be joining the sales program for the first time, following its market launch initially in Germany, Austria, Switzerland on December 7, 2002, which will be followed by its step-by-step introduction on other international markets. Porsche will greatly increase its sales and turnover in the course of the current fiscal year with this sport utility vehicle. The management also expects earnings to increase. December 04, 2002
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